Lucid Group, Inc. $LCID Holdings Lifted by Swiss National Bank

Key Points

• The Swiss National Bank increased its stake in Lucid Group by 26.9%, owning approximately 2.3 million shares valued at $5.6 million after acquiring an additional 495,000 shares in the first quarter.
• Currently, 75.17% of Lucid Group's stock is held by institutional investors, with significant recent increases in holdings from entities like the Public Investment Fund and Two Sigma Investments.
• Lucid Group's stock trades at approximately $2.13, with a consensus rating of "Hold" and a price target averaging at $2.68 from analysts, following their latest earnings report that showed a revenue miss.

Swiss National Bank raised its position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 26.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,334,000 shares of the company's stock after buying an additional 495,000 shares during the period. Swiss National Bank owned approximately 0.08% of Lucid Group worth $5,648,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sterling Investment Counsel LLC purchased a new position in Lucid Group in the 1st quarter valued at about $25,000. HB Wealth Management LLC purchased a new position in Lucid Group in the 1st quarter valued at about $25,000. Grimes & Company Inc. acquired a new stake in shares of Lucid Group in the 1st quarter valued at about $27,000. CFO4Life Group LLC acquired a new stake in shares of Lucid Group in the 1st quarter valued at about $31,000. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Lucid Group in the 1st quarter valued at about $32,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Stock Performance

LCID traded down $0.0050 on Thursday, hitting $2.0850. 35,281,345 shares of the company's stock were exchanged, compared to its average volume of 115,682,859. The firm has a market cap of $6.41 billion, a PE ratio of -1.81 and a beta of 0.79. Lucid Group, Inc. has a twelve month low of $1.93 and a twelve month high of $4.43. The stock has a fifty day moving average of $2.35 and a two-hundred day moving average of $2.45. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.06). Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The firm had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. During the same quarter last year, the company posted ($0.29) EPS. Lucid Group's revenue for the quarter was up 29.3% on a year-over-year basis. On average, research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $2.68.

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.