Charles Schwab Investment Advisory Inc. Takes Position in Lucid Group, Inc. (NASDAQ:LCID)

Charles Schwab Investment Advisory Inc. purchased a new position in Lucid Group, Inc. (NASDAQ:LCID) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,731 shares of the company’s stock, valued at approximately $49,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of LCID. Alps Advisors Inc. increased its position in shares of Lucid Group by 19.8% during the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after acquiring an additional 546,676 shares during the period. Bank of New York Mellon Corp raised its stake in Lucid Group by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock worth $23,562,000 after buying an additional 410,025 shares in the last quarter. Fulton Bank N.A. boosted its position in Lucid Group by 46.5% during the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after acquiring an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Lucid Group by 10.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after acquiring an additional 1,060,588 shares during the period. Finally, Invesco Ltd. raised its position in shares of Lucid Group by 41.8% in the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

Lucid Group Stock Performance

LCID traded down $0.43 during trading on Tuesday, reaching $2.62. 37,387,414 shares of the company’s stock were exchanged, compared to its average volume of 33,246,922. The company’s fifty day simple moving average is $2.77 and its 200-day simple moving average is $3.49. The stock has a market capitalization of $6.03 billion, a P/E ratio of -1.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. Lucid Group, Inc. has a 1 year low of $2.29 and a 1 year high of $8.37.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same period in the prior year, the business posted ($0.43) earnings per share. Lucid Group’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, research analysts predict that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Stifel Nicolaus cut their target price on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, February 26th. Citigroup reissued a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Bank of America lowered their price objective on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.34.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.