Vanguard Group Inc. Increases Stock Position in Lucid Group, Inc. $LCID

Vanguard Group Inc. boosted its holdings in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 0.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,933,835 shares of the company's stock after buying an additional 615,108 shares during the period. Vanguard Group Inc. owned approximately 3.66% of Lucid Group worth $268,460,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Sterling Investment Counsel LLC purchased a new position in shares of Lucid Group during the 1st quarter valued at $25,000. HB Wealth Management LLC bought a new stake in Lucid Group in the first quarter worth $25,000. Grimes & Company Inc. bought a new stake in Lucid Group in the first quarter worth $27,000. CFO4Life Group LLC bought a new stake in Lucid Group in the first quarter worth $31,000. Finally, HBK Sorce Advisory LLC purchased a new stake in shares of Lucid Group during the first quarter worth about $32,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Stock Down 2.3%

Shares of LCID traded down $0.05 during mid-day trading on Tuesday, reaching $2.13. The company had a trading volume of 63,377,317 shares, compared to its average volume of 116,432,531. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The firm has a 50-day moving average price of $2.35 and a 200 day moving average price of $2.45. Lucid Group, Inc. has a 52 week low of $1.93 and a 52 week high of $4.43. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of -1.85 and a beta of 0.79.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. During the same period in the prior year, the firm earned ($0.29) earnings per share. The business's revenue for the quarter was up 29.3% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on LCID. Robert W. Baird increased their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a report on Monday, April 21st. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of "Hold" and a consensus price target of $2.68.

About Lucid Group

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.