Lucid Group, Inc. (NASDAQ:LCID) Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC reduced its position in Lucid Group, Inc. (NASDAQ:LCID) by 88.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 11,144 shares of the company’s stock after selling 86,326 shares during the quarter. Wealthfront Advisers LLC’s holdings in Lucid Group were worth $34,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in the stock. Citizens Financial Group Inc. RI acquired a new position in Lucid Group during the fourth quarter worth $32,000. Marathon Trading Investment Management LLC acquired a new position in Lucid Group during the fourth quarter worth $230,000. Callan Family Office LLC acquired a new position in Lucid Group during the fourth quarter worth $33,000. Raymond James Financial Inc. acquired a new position in Lucid Group during the fourth quarter worth $780,000. Finally, Arizona State Retirement System raised its position in Lucid Group by 1.9% during the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock worth $818,000 after acquiring an additional 5,022 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Trading Up 8.8 %

Shares of LCID opened at $2.35 on Wednesday. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43. The firm has a 50-day moving average price of $2.71 and a 200 day moving average price of $2.82. The firm has a market capitalization of $7.12 billion, a P/E ratio of -1.75 and a beta of 0.97.

Analyst Ratings Changes

A number of equities analysts have weighed in on LCID shares. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen started coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Lucid Group has an average rating of “Hold” and an average price target of $2.69.

Lucid Group Profile

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.