SpiderRock Advisors LLC Acquires Shares of 84,055 Lucid Group, Inc. (NASDAQ:LCID)

SpiderRock Advisors LLC acquired a new stake in Lucid Group, Inc. (NASDAQ:LCID) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 84,055 shares of the company’s stock, valued at approximately $231,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares in the last quarter. Norges Bank purchased a new position in shares of Lucid Group in the 4th quarter worth about $22,208,000. Mirae Asset Global Investments Co. Ltd. raised 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 worth $48,109,000 after purchasing an additional 1,060,588 shares during the period. abrdn plc raised its holdings in shares of Lucid Group by 95.3% in the 4th quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after purchasing an additional 976,351 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Lucid Group by 138.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,316,946 shares of the company’s stock valued at $5,544,000 after buying an additional 764,361 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 1.4 %

LCID traded down $0.04 during midday trading on Friday, hitting $2.91. 17,210,432 shares of the company’s stock traded hands, compared to its average volume of 29,820,146. The company has a market cap of $6.71 billion, a PE ratio of -2.28 and a beta of 1.04. The stock’s fifty day simple moving average is $2.72 and its 200-day simple moving average is $3.03. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. Lucid Group, Inc. has a one year low of $2.29 and a one year high of $8.37.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data 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). The business had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. Lucid Group’s revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.43) EPS. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald restated an “underweight” rating and set a $4.00 price objective on shares of Lucid Group in a research note on Monday. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Finally, Citigroup reaffirmed a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research note on Monday, April 22nd. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.24.

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.