Alps Advisors Inc. Sells 1,887,506 Shares of Lucid Group, Inc. $LCID

Alps Advisors Inc. lowered its stake in Lucid Group, Inc. (NASDAQ:LCID) by 90.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 191,718 shares of the company’s stock after selling 1,887,506 shares during the period. Alps Advisors Inc. owned approximately 0.06% of Lucid Group worth $4,561,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its stake in shares of Lucid Group by 11.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock valued at $719,000 after buying an additional 34,116 shares during the last quarter. HBK Investments L P acquired a new position in Lucid Group during the 2nd quarter worth approximately $2,658,000. Highbridge Capital Management LLC acquired a new position in Lucid Group in the second quarter valued at approximately $3,245,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Lucid Group in the third quarter valued at about $2,248,000. Finally, Marex Group plc acquired a new stake in shares of Lucid Group in the 2nd quarter worth $7,613,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Stock Up 2.1%

LCID opened at $11.09 on Tuesday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock’s fifty day moving average is $11.40 and its 200-day moving average is $17.10. Lucid Group, Inc. has a one year low of $9.50 and a one year high of $35.90. The company has a market capitalization of $3.60 billion, a PE ratio of -1.04 and a beta of 1.16.

Analysts Set New Price Targets

A number of analysts have commented on LCID shares. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Stifel Nicolaus dropped their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research report on Tuesday, January 6th. Finally, Royal Bank Of Canada decreased their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.