KLP Kapitalforvaltning AS Sells 230,761 Shares of Lucid Group, Inc. $LCID

KLP Kapitalforvaltning AS decreased its position in Lucid Group, Inc. (NASDAQ:LCID) by 90.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,639 shares of the company’s stock after selling 230,761 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Lucid Group were worth $610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of Lucid Group by 7.4% in the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after buying an additional 12,146,136 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after buying an additional 3,465,542 shares during the last quarter. Norges Bank purchased a new stake in shares of Lucid Group during the 2nd quarter valued at about $16,469,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

LCID opened at $10.94 on Wednesday. The business has a fifty day moving average of $12.83 and a 200 day moving average of $18.76. Lucid Group, Inc. has a 52-week low of $10.45 and a 52-week high of $35.90. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The stock has a market cap of $3.55 billion, a P/E ratio of -1.02 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The business had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.76) EPS. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Stifel Nicolaus decreased their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research note on Tuesday, January 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $19.54.

Lucid Group Profile

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.