Geode Capital Management LLC Purchases 1,554,419 Shares of Lucid Group, Inc. $LCID

Key Points

• Geode Capital Management increased its Lucid stake by 7.4%, buying 1,554,419 shares to hold 22,642,839 shares (about 0.74% of the company) valued at roughly $47.8 million at quarter-end.
• Lucid's latest quarter showed an EPS of -$2.65, missing estimates by $0.33 and revenue of $336.6M (also below estimates), although revenue was up 68.3% year-over-year and the company remains unprofitable with negative margins and ROE.
• Analyst sentiment is mixed-to-negative: the stock's average rating is "Reduce" with an average target price of $24.04, amid a range of analyst actions from buys to sells and recent target moves.

Geode Capital Management LLC increased its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 7.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,642,839 shares of the company's stock after acquiring an additional 1,554,419 shares during the period. Geode Capital Management LLC owned about 0.74% of Lucid Group worth $47,784,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of LCID. BI Asset Management Fondsmaeglerselskab A S boosted its stake in Lucid Group by 27.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock worth $44,000 after purchasing an additional 3,882 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Lucid Group by 9.3% in the second quarter. Amalgamated Bank now owns 55,350 shares of the company's stock valued at $117,000 after buying an additional 4,720 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Lucid Group by 13.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company's stock worth $87,000 after buying an additional 5,013 shares in the last quarter. Blair William & Co. IL grew its holdings in Lucid Group by 50.5% during the 1st quarter. Blair William & Co. IL now owns 16,036 shares of the company's stock worth $39,000 after acquiring an additional 5,379 shares during the last quarter. Finally, Deutsche Bank AG increased its position in Lucid Group by 5.8% in the 1st quarter. Deutsche Bank AG now owns 102,587 shares of the company's stock valued at $248,000 after acquiring an additional 5,661 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Trading Up 3.6%

LCID opened at $13.13 on Wednesday. The firm has a 50 day simple moving average of $19.05 and a 200 day simple moving average of $21.66. Lucid Group, Inc. has a fifty-two week low of $11.46 and a fifty-two week high of $36.40. The company has a market cap of $4.26 billion, a price-to-earnings ratio of -1.23 and a beta of 0.80. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

Lucid Group (NASDAQ:LCID - Get Free Report) last released 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). The business had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.Lucid Group's revenue was up 68.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($2.76) EPS. On average, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, September 2nd. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research report on Wednesday, November 19th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Stifel Nicolaus lowered their target price on Lucid Group from $21.00 to $17.00 and set a "hold" rating for the company in a research note on Monday, November 17th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average 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.

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