Mitsubishi UFJ Asset Management Co. Ltd. Sells 723,608 Shares of Lucid Group, Inc. $LCID

Mitsubishi UFJ Asset Management Co. Ltd. reduced its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 91.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,802 shares of the company’s stock after selling 723,608 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Lucid Group were worth $1,684,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on LCID shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research note on Tuesday, January 6th. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $10.00 price target on shares of Lucid Group in a report on Wednesday, February 25th. Finally, Benchmark reiterated a “buy” rating on shares of Lucid Group in a research note on Thursday, February 19th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and an average price target of $19.71.

Lucid Group Stock Performance

Shares of NASDAQ LCID opened at $10.11 on Wednesday. The company has a 50 day simple moving average of $10.63 and a two-hundred day simple moving average of $15.40. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -0.83 and a beta of 1.12. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00. Lucid Group, Inc. has a 12 month low of $9.12 and a 12 month high of $33.70.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.49) by ($0.59). The business had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative return on equity of 138.82% and a negative net margin of 207.87%.The company’s revenue for the quarter was up 122.9% on a year-over-year basis. During the same period last year, the business earned ($0.22) EPS. As a group, analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

About Lucid Group

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.