Mirae Asset Global Investments Co. Ltd. Sells 2,256,592 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 19.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,170,671 shares of the company’s stock after selling 2,256,592 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.40% of Lucid Group worth $26,136,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. GAMMA Investing LLC bought a new stake in Lucid Group in the 4th quarter valued at approximately $28,000. Norden Group LLC bought a new stake in Lucid Group in the 1st quarter valued at approximately $32,000. Summit Trail Advisors LLC bought a new stake in Lucid Group in the 1st quarter valued at approximately $35,000. Simplicity Wealth LLC bought a new stake in Lucid Group in the 1st quarter valued at approximately $42,000. Finally, Tyche Wealth Partners LLC bought a new stake in Lucid Group in the 4th quarter valued at approximately $43,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 0.7 %

Shares of LCID stock traded down $0.02 during trading on Friday, reaching $2.93. 25,130,403 shares of the company’s stock were exchanged, compared to its average volume of 17,487,416. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. Lucid Group, Inc. has a twelve month low of $2.29 and a twelve month high of $8.37. The firm’s fifty day moving average price is $2.73 and its 200-day moving average price is $3.02.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same period in the previous year, the firm posted ($0.43) earnings per share. The firm’s revenue was up 15.6% compared to the same quarter last year. As a group, research analysts predict that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on LCID shares. Citigroup restated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Stifel Nicolaus lowered their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Finally, Cantor Fitzgerald reaffirmed an “underweight” rating and set a $4.00 price target on shares of Lucid Group in a research report on Monday, July 1st. Three investment 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 $4.24.

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.