abrdn plc Grows Stake in Lucid Group, Inc. (NASDAQ:LCID)

abrdn plc grew its holdings in Lucid Group, Inc. (NASDAQ:LCID) by 95.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,001,372 shares of the company’s stock after acquiring an additional 976,351 shares during the quarter. abrdn plc owned about 0.09% of Lucid Group worth $8,426,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in LCID. UniSuper Management Pty Ltd grew its stake in Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after buying an additional 3,700 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in Lucid Group during the 3rd quarter worth approximately $38,000. Tyche Wealth Partners LLC purchased a new position in Lucid Group during the 4th quarter worth approximately $43,000. China Universal Asset Management Co. Ltd. grew its stake in Lucid Group by 309.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock worth $47,000 after buying an additional 6,398 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new position in Lucid Group during the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.46 on Friday. The stock has a fifty day moving average price of $2.85 and a 200 day moving average price of $3.60. The stock has a market cap of $5.66 billion, a PE ratio of -1.76 and a beta of 1.01. Lucid Group, Inc. has a 1 year low of $2.29 and a 1 year high of $8.37. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The firm had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.40) earnings per share. Sell-side analysts forecast that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Bank of America decreased 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. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Citigroup reaffirmed a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. Robert W. Baird reduced their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $4.34.

Lucid Group Company 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.