Norges Bank Purchases Shares of 7,805,052 Lucid Group, Inc. $LCID

Key Points

• Norges Bank purchased 7,805,052 shares of Lucid in Q2 (about $16.47 million), representing roughly 0.26% of the company.
• Lucid recently missed earnings and revenue expectations (reported $(2.65) EPS vs $(2.32) est; $336.6M revenue vs $378.4M est), showed a deeply negative net margin and ROE despite revenue rising ~68% year-over-year.
• Analyst sentiment is mixed-to-negative with a MarketBeat consensus of "Reduce" (average target $21.54) and notable downgrades such as Morgan Stanley cutting its rating to "underweight" and target to $10.

Norges Bank purchased a new position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,805,052 shares of the company's stock, valued at approximately $16,469,000. Norges Bank owned 0.26% of Lucid Group at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cigna Investments Inc. New purchased a new position in shares of Lucid Group during the 2nd quarter valued at $25,000. Tyche Wealth Partners LLC bought a new stake in Lucid Group during the second quarter valued at about $26,000. Integrity Alliance LLC. purchased a new position in shares of Lucid Group in the first quarter valued at about $27,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Lucid Group by 111.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock worth $29,000 after acquiring an additional 6,295 shares during the period. Finally, Concurrent Investment Advisors LLC purchased a new stake in shares of Lucid Group during the second quarter worth about $29,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

LCID stock opened at $12.76 on Tuesday. Lucid Group, Inc. has a 52 week low of $11.46 and a 52 week high of $36.40. The firm has a market capitalization of $4.14 billion, a P/E ratio of -1.19 and a beta of 0.87. The company has a fifty day simple moving average of $17.43 and a two-hundred day simple moving average of $20.87. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

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

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an "overweight" rating on shares of Lucid Group in a report on Wednesday, November 19th. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a report on Monday, December 1st. Morgan Stanley cut shares of Lucid Group from a "buy" rating to an "underweight" rating and cut their target price for the company from $30.00 to $10.00 in a research note on Monday. Finally, Stifel Nicolaus reduced their price target on shares of Lucid Group from $21.00 to $17.00 and set a "hold" rating on the stock in a report on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Lucid Group has a consensus rating of "Reduce" and an average target price of $21.54.

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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