Wealth Enhancement Advisory Services LLC Reduces Stake in Lucid Group, Inc. $LCID

Wealth Enhancement Advisory Services LLC decreased its holdings in Lucid Group, Inc. (NASDAQ:LCID) by 91.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,872 shares of the company’s stock after selling 205,079 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Lucid Group were worth $437,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Valeo Financial Advisors LLC boosted its stake in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares in the last quarter. Amalgamated Bank lifted its holdings in Lucid Group by 9.3% in the second quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after buying an additional 4,720 shares during the period. Heritage Wealth Advisors lifted its holdings in Lucid Group by 43.5% in the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after buying an additional 5,000 shares during the period. Brown Advisory Inc. boosted its position in Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Lucid Group by 13.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company’s stock worth $87,000 after acquiring an additional 5,013 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Price Performance

Shares of LCID opened at $10.86 on Friday. Lucid Group, Inc. has a twelve month low of $9.50 and a twelve month high of $35.90. The company has a market capitalization of $3.52 billion, a P/E ratio of -1.01 and a beta of 1.16. The firm has a 50 day moving average of $11.43 and a 200 day moving average of $17.22. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same quarter in the prior year, the business posted ($2.76) earnings per share. The business’s revenue for the quarter was up 68.3% on a year-over-year basis. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on LCID shares. Robert W. Baird set a $14.00 target price on Lucid Group in a research note on Tuesday, January 6th. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Stifel Nicolaus dropped their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $18.92.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.