Advisors Asset Management Inc. Sells 24,738 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Advisors Asset Management Inc. cut its holdings in Lucid Group, Inc. (NASDAQ:LCID) by 33.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 49,783 shares of the company’s stock after selling 24,738 shares during the quarter. Advisors Asset Management Inc.’s holdings in Lucid Group were worth $176,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group during the second quarter valued at about $26,000. Accredited Investors Inc. acquired a new stake in Lucid Group in the second quarter valued at approximately $27,000. Frank Rimerman Advisors LLC grew its holdings in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the last quarter. QRG Capital Management Inc. purchased a new position in Lucid Group in the second quarter worth $34,000. Finally, Pine Valley Investments Ltd Liability Co increased its position in shares of Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after purchasing an additional 3,549 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Performance

Shares of NASDAQ LCID opened at $2.18 on Friday. The company has a 50 day simple moving average of $2.71 and a two-hundred day simple moving average of $3.03. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -1.63 and a beta of 1.11. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $5.31.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada cut their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.16.

Insider Buying and Selling

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by corporate insiders.

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.