Y Intercept Hong Kong Ltd Makes New Investment in Lucid Group, Inc. $LCID

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Lucid, buying 94,487 shares in Q3 worth about $2.25 million.
• Several large institutions reshuffled stakes—Marshall Wace boosted its holding by 2,398.5% to 12.65 million shares (~$26.7M) and Norges Bank, Linden Advisors and others added new positions, leaving institutions owning 75.17% of the stock.
• Analysts have grown cautious: Morgan Stanley cut Lucid from "buy" to "underweight" and trimmed its target from $30 to $10, and the stock's consensus rating is now "Reduce" with a $18.92 average price target.

Y Intercept Hong Kong Ltd purchased a new position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 94,487 shares of the company's stock, valued at approximately $2,248,000.

A number of other hedge funds also recently made changes to their positions in LCID. Marshall Wace LLP increased its holdings in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock worth $26,697,000 after buying an additional 12,146,136 shares during the last quarter. Norges Bank purchased a new stake in Lucid Group during the second quarter valued at about $16,469,000. Linden Advisors LP acquired a new stake in Lucid Group during the second quarter worth about $9,885,000. Marex Group plc purchased a new position in shares of Lucid Group in the 2nd quarter worth about $7,613,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on LCID. Morgan Stanley downgraded shares of Lucid Group from a "buy" rating to an "underweight" rating and dropped their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Stifel Nicolaus dropped their price objective 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. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research note on Tuesday, January 6th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Royal Bank Of Canada cut their price objective on Lucid Group from $20.00 to $14.00 and set a "sector perform" rating on the stock in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $18.92.

Lucid Group Price Performance

LCID opened at $10.91 on Thursday. Lucid Group, Inc. has a twelve month low of $9.50 and a twelve month high of $35.90. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -1.02 and a beta of 0.89. 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 company has a fifty day simple moving average of $11.76 and a 200 day simple moving average of $17.94.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings data 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). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm had revenue of $336.58 million during the quarter, compared to analysts' expectations of $378.44 million. During the same period in the previous year, the company earned ($2.76) earnings per share. The business's quarterly revenue was up 68.3% on a year-over-year basis. Equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

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