Bank of New York Mellon Corp Raises Position in Lucid Group, Inc. (NASDAQ:LCID)

Bank of New York Mellon Corp lifted its stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,091,063 shares of the company's stock after purchasing an additional 132,497 shares during the period. Bank of New York Mellon Corp owned 0.10% of Lucid Group worth $7,480,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in LCID. Public Investment Fund boosted its stake in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after acquiring an additional 26,172,852 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after acquiring an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. Institutional investors own 75.17% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on LCID shares. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Robert W. Baird boosted their target price on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Trading Down 2.8%

Shares of NASDAQ:LCID traded down $0.09 during trading hours on Friday, hitting $2.91. 48,796,574 shares of the company's stock traded hands, compared to its average volume of 120,572,172. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The business has a fifty day moving average price of $2.39 and a 200-day moving average price of $2.52. The firm has a market capitalization of $8.86 billion, a P/E ratio of -2.40 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The business had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. During the same period last year, the firm earned ($0.27) EPS. The business's quarterly revenue was up 36.1% on a year-over-year basis. Equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

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.