Sequoia Financial Advisors LLC Sells 102,578 Shares of Lucid Group, Inc. $LCID

Sequoia Financial Advisors LLC lessened its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 90.9% in the third quarter, HoldingsChannel reports. The fund owned 10,252 shares of the company’s stock after selling 102,578 shares during the period. Sequoia Financial Advisors LLC’s holdings in Lucid Group were worth $244,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Marshall Wace LLP lifted its holdings in Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the last quarter. Norges Bank bought a new position in Lucid Group during the 2nd quarter worth $16,469,000. Linden Advisors LP acquired a new stake in shares of Lucid Group during the second quarter worth $9,885,000. Marex Group plc bought a new stake in shares of Lucid Group in the second quarter valued at about $7,613,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after acquiring an additional 3,465,542 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on LCID. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their price target for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Stifel Nicolaus dropped their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Finally, Robert W. Baird set a $14.00 price objective on Lucid Group in a research note on Tuesday, January 6th. Two equities research 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 data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and an average price target of $18.92.

Lucid Group Stock Performance

Shares of Lucid Group stock opened at $11.33 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The company has a market cap of $3.67 billion, a PE ratio of -1.06 and a beta of 0.89. The company has a 50 day moving average of $11.75 and a 200-day moving average of $17.85. Lucid Group, Inc. has a 1-year low of $9.50 and a 1-year high of $35.90.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data 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 firm had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same quarter in the prior year, the firm earned ($2.76) earnings per share. The firm’s revenue for the quarter was up 68.3% on a year-over-year basis. As a group, equities research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

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.