Azzad Asset Management Inc. ADV Lowers Position in Lucid Group, Inc. $LCID

Azzad Asset Management Inc. ADV trimmed its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 84.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 10,335 shares of the company’s stock after selling 58,222 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Lucid Group were worth $246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AlphaQuest LLC acquired a new position in shares of Lucid Group in the third quarter worth about $575,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Lucid Group in the 3rd quarter valued at about $2,248,000. Lecap Asset Management Ltd. purchased a new position in shares of Lucid Group in the 3rd quarter valued at about $780,000. Sapient Capital LLC acquired a new position in Lucid Group in the 3rd quarter worth about $287,000. Finally, Johnson & White Wealth Management LLC purchased a new position in Lucid Group during the third quarter worth approximately $238,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on LCID shares. Royal Bank Of Canada cut their price objective on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a research note on Tuesday, January 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Finally, Stifel Nicolaus cut their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Stock Up 2.1%

NASDAQ LCID opened at $11.09 on Tuesday. The business has a fifty day moving average price of $11.40 and a 200 day moving average price of $17.10. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The company has a market cap of $3.60 billion, a P/E ratio of -1.04 and a beta of 1.16. Lucid Group, Inc. has a one year low of $9.50 and a one year high of $35.90.

Lucid Group Company Profile

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.