New York State Common Retirement Fund Reduces Stock Holdings in Lucid Group, Inc. (NASDAQ:LCID)

New York State Common Retirement Fund reduced its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 11.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 550,147 shares of the company’s stock after selling 69,548 shares during the quarter. New York State Common Retirement Fund’s holdings in Lucid Group were worth $2,316,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. UniSuper Management Pty Ltd increased its position in shares of Lucid Group by 127.6% during the third quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after buying an additional 3,700 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of Lucid Group in the 3rd quarter worth approximately $38,000. Tyche Wealth Partners LLC purchased a new position in shares of Lucid Group in the 4th quarter valued at approximately $43,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Lucid Group by 309.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock valued at $47,000 after purchasing an additional 6,398 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new stake in Lucid Group in the fourth quarter worth $48,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Down 14.1 %

Lucid Group stock opened at $2.62 on Wednesday. Lucid Group, Inc. has a 12 month low of $2.29 and a 12 month high of $8.37. The stock has a fifty day simple moving average of $2.77 and a two-hundred day simple moving average of $3.49. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The firm has a market cap of $6.03 billion, a price-to-earnings ratio of -1.87 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. During the same quarter in the prior year, the company posted ($0.43) EPS. Lucid Group’s revenue was up 15.6% on a year-over-year basis. Equities analysts predict that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Stifel Nicolaus dropped their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.34.

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.