Avantax Advisory Services Inc. Trims Stake in Lucid Group, Inc. (NASDAQ:LCID)

Avantax Advisory Services Inc. lessened its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 52.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 22,403 shares of the company’s stock after selling 25,018 shares during the period. Avantax Advisory Services Inc.’s holdings in Lucid Group were worth $68,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Point72 Italy S.r.l. bought a new stake in Lucid Group during the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group in the third quarter worth $863,000. Charles Schwab Investment Management Inc. raised its position in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock valued at $771,000 after buying an additional 249,500 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in Lucid Group in the 4th quarter worth $301,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.42 on Friday. The company’s 50 day moving average is $2.62 and its 200 day moving average is $2.77. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market cap of $7.34 billion, a price-to-earnings ratio of -1.81 and a beta of 0.97. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LCID shares. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday, February 26th. Benchmark reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Cowen began coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $2.69.

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.