HBK Investments L P Buys New Position in Lucid Group, Inc. $LCID

Key Points

• HBK Investments bought a new stake of 1,259,500 shares in Lucid during Q2 (≈$2.66M), and institutional investors now own about 75.17% of the company.
• Analyst sentiment is mixed with an average rating of "Reduce" and an average price target of $24.04, ranging from Stifel's $17 to Morgan Stanley's $30 and including two Buys, six Holds and three Sells.
• Lucid missed Q3 estimates—EPS of ($2.65) vs. ($2.32) expected and revenue of $336.6M vs. $378.4M expected—though revenue rose 68.3% year-over-year; the stock trades near $13.72 with a market cap of $4.45B and negative profitability metrics.

HBK Investments L P bought a new stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,259,500 shares of the company's stock, valued at approximately $2,658,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. HB Wealth Management LLC purchased a new position in Lucid Group in the first quarter worth $25,000. Integrity Alliance LLC. purchased a new position in shares of Lucid Group in the 1st quarter worth about $27,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Lucid Group by 111.6% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock worth $29,000 after purchasing an additional 6,295 shares in the last quarter. Cigna Investments Inc. New bought a new position in shares of Lucid Group during the 2nd quarter valued at about $25,000. Finally, Tyche Wealth Partners LLC purchased a new position in shares of Lucid Group during the 2nd quarter valued at about $26,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on LCID. Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a research report on Tuesday, November 25th. Morgan Stanley increased their target price on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, September 2nd. Cantor Fitzgerald reissued an "overweight" rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Stifel Nicolaus cut their price target on shares of Lucid Group from $21.00 to $17.00 and set a "hold" rating for the company in a research report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $24.04.

Lucid Group Stock Performance

Lucid Group stock opened at $13.72 on Monday. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The firm has a market cap of $4.45 billion, a P/E ratio of -1.28 and a beta of 0.87. Lucid Group, Inc. has a 1-year low of $11.46 and a 1-year high of $36.40. The firm has a 50-day moving average of $18.62 and a 200-day moving average of $21.45.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business had revenue of $336.58 million for the quarter, compared to analysts' expectations of $378.44 million. The firm's revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.76) EPS. Sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Lucid Group Company 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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