Lucid Group, Inc. $LCID Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its stake in Lucid Group, Inc. (NASDAQ:LCID) by 5.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,271,692 shares of the company’s stock after purchasing an additional 180,629 shares during the quarter. Bank of New York Mellon Corp’s holdings in Lucid Group were worth $6,903,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. HB Wealth Management LLC acquired a new position in shares of Lucid Group during the 1st quarter worth about $25,000. Integrity Alliance LLC. purchased a new stake in Lucid Group during the 1st quarter worth approximately $27,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Lucid Group by 111.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock valued at $29,000 after acquiring an additional 6,295 shares during the last quarter. Cigna Investments Inc. New purchased a new position in shares of Lucid Group in the second quarter valued at approximately $25,000. Finally, Tyche Wealth Partners LLC purchased a new position in shares of Lucid Group in the second quarter valued at approximately $26,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Trading Up 4.9%

Shares of LCID stock opened at $12.30 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. Lucid Group, Inc. has a twelve month low of $11.46 and a twelve month high of $36.40. The company’s 50-day moving average price is $19.33 and its 200-day moving average price is $21.80. The stock has a market cap of $3.99 billion, a price-to-earnings ratio of -1.15 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The firm had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same period last year, the firm earned ($2.76) earnings per share. Lucid Group’s revenue for the quarter was up 68.3% on a year-over-year basis. As a group, equities analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LCID. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday. Morgan Stanley upped their target price on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday. Finally, Stifel Nicolaus decreased their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $24.04.

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.