Bank of America Corp DE increased its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 10.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,919,073 shares of the company's stock after purchasing an additional 189,134 shares during the period. Bank of America Corp DE owned approximately 0.49% of Lucid Group worth $18,289,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the company. Uber Technologies Inc bought a new stake in Lucid Group during the 3rd quarter valued at about $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after acquiring an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock valued at $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Lucid Group by 93.5% during the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock valued at $9,465,000 after acquiring an additional 2,167,882 shares in the last quarter. Finally, HRT Financial LP boosted its holdings in shares of Lucid Group by 148.1% in the second quarter. HRT Financial LP now owns 3,465,146 shares of the company's stock valued at $7,311,000 after purchasing an additional 2,068,440 shares during the period. 75.17% of the stock is currently owned by institutional investors.
Lucid Group Trading Up 2.6%
LCID opened at $5.92 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -0.43 and a beta of 0.83. Lucid Group, Inc. has a 12 month low of $2.37 and a 12 month high of $25.23. The stock has a fifty day moving average price of $6.26 and a 200-day moving average price of $7.61.
Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts' consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. Lucid Group's revenue for the quarter was up 56.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.24) EPS. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.
Analyst Ratings Changes
LCID has been the topic of several research reports. William Blair lowered Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Benchmark lowered shares of Lucid Group from a "buy" rating to a "hold" rating in a research note on Wednesday, May 6th. Evercore set a $6.00 target price on shares of Lucid Group in a report on Monday, May 11th. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a research report on Wednesday, May 6th. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $9.22.
Get Our Latest Analysis on LCID
About Lucid Group
(
Free Report)
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.
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