Bank of New York Mellon Corp Acquires New Holdings in Lucid Group, Inc. $LCID

Key Points

• Bank of New York Mellon acquired 467,149 Lucid Group shares worth approximately $3.1 million in the second quarter, while institutional investors collectively owned 75.17% of the company.
• Analyst sentiment remains cautious: Lucid has a consensus “Reduce” rating, with one Buy, eight Hold, and three Sell ratings and an average price target of $9.22.
• Lucid reported quarterly revenue of $405.35 million, up 56.2% year over year and above estimates, but its $2.78 per-share loss missed expectations; analysts project a full-year loss of $12.15 per share.

Bank of New York Mellon Corp bought a new stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 467,149 shares of the company's stock, valued at approximately $3,125,000. Bank of New York Mellon Corp owned approximately 0.12% of Lucid Group at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock worth $28,000 after purchasing an additional 2,740 shares during the last quarter. Brown Advisory Inc. increased its position in Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company's stock worth $33,000 after purchasing an additional 5,000 shares in the last quarter. Jump Financial LLC purchased a new stake in Lucid Group during the 2nd quarter worth about $41,000. Worldquant Millennium Advisors LLC acquired a new position in Lucid Group in the 2nd quarter valued at about $59,000. Finally, Leonteq Securities AG purchased a new position in Lucid Group in the 4th quarter valued at about $67,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on LCID shares. Citigroup decreased their price target on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, August 19th. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research note on Wednesday, June 24th. Royal Bank Of Canada restated a "sector perform" rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. William Blair downgraded Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Finally, Zacks Research raised Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $9.22.

Lucid Group Price Performance

Shares of LCID opened at $4.68 on Monday. Lucid Group, Inc. has a fifty-two week low of $2.37 and a fifty-two week high of $25.23. The company's fifty day moving average is $6.20 and its two-hundred day moving average is $7.15. The firm has a market cap of $1.84 billion, a PE ratio of -0.34 and a beta of 0.81. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts' consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. During the same quarter in the previous year, the company earned ($0.24) earnings per share. The company's quarterly revenue was up 56.2% on a year-over-year basis. Analysts forecast that Lucid Group, Inc. will post -12.15 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.

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