Pitcairn Co. Reduces Position in Lucid Group, Inc. (NASDAQ:LCID)

Pitcairn Co. reduced its stake in Lucid Group, Inc. (NASDAQ:LCID) by 26.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,573 shares of the company’s stock after selling 9,031 shares during the quarter. Pitcairn Co.’s holdings in Lucid Group were worth $77,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new position in Lucid Group in the 4th quarter valued at about $28,000. Proficio Capital Partners LLC purchased a new position in shares of Lucid Group during the fourth quarter valued at approximately $31,000. First National Corp MA ADV purchased a new position in shares of Lucid Group during the fourth quarter valued at approximately $32,000. Yousif Capital Management LLC acquired a new stake in Lucid Group during the fourth quarter worth approximately $32,000. Finally, Citizens Financial Group Inc. RI purchased a new stake in Lucid Group in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.28 on Monday. The company’s fifty day simple moving average is $2.56 and its 200-day simple moving average is $2.69. 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 52 week low of $1.93 and a 52 week high of $4.43. The company has a market cap of $6.91 billion, a PE ratio of -1.70 and a beta of 0.88.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LCID. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Cowen assumed coverage on Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating for the company. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and an average target price 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.