Zurcher Kantonalbank Zurich Cantonalbank Trims Stake in Lucid Group, Inc. (NASDAQ:LCID)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Lucid Group, Inc. (NASDAQ:LCID) by 57.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,137 shares of the company’s stock after selling 225,226 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Lucid Group were worth $434,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its position in Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after purchasing an additional 227,908 shares during the period. Vanguard Group Inc. raised its position in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Lucid Group by 7.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after acquiring an additional 195,519 shares during the period. Ieq Capital LLC purchased a new position in shares of Lucid Group during the fourth quarter worth approximately $105,000. Finally, Private Advisor Group LLC increased its position in shares of Lucid Group by 36.2% during the fourth quarter. Private Advisor Group LLC now owns 121,305 shares of the company’s stock worth $511,000 after acquiring an additional 32,267 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 61.26% of the stock is owned by insiders.

Lucid Group Stock Performance

Shares of LCID stock opened at $3.57 on Friday. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of -2.81 and a beta of 1.05. The company’s 50 day moving average is $3.44 and its 200 day moving average is $3.01. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. Lucid Group, Inc. has a 52-week low of $2.29 and a 52-week high of $6.12.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The business had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.40) earnings per share. On average, sell-side analysts anticipate that Lucid Group, Inc. will post -1.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LCID. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, July 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.71.

Lucid Group Company 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.