Cubist Systematic Strategies LLC Buys 2,016,245 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Cubist Systematic Strategies LLC boosted its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 4,583.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,060,232 shares of the company's stock after acquiring an additional 2,016,245 shares during the period. Cubist Systematic Strategies LLC owned about 0.07% of Lucid Group worth $6,222,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group during the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group in the fourth quarter valued at $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth $31,000. DRW Securities LLC bought a new position in shares of Lucid Group during the fourth quarter worth about $31,000. Finally, First National Corp MA ADV bought a new position in shares of Lucid Group during the fourth quarter worth about $32,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a research report on Tuesday, March 18th. Robert W. Baird increased their price target on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Benchmark reiterated a "buy" rating and set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Lucid Group currently has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Trading Down 0.8%

Shares of Lucid Group stock traded down $0.02 during midday trading on Tuesday, reaching $2.60. The company had a trading volume of 64,715,117 shares, compared to its average volume of 66,670,856. The stock has a fifty day moving average price of $2.37 and a 200 day moving average price of $2.55. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market cap of $7.88 billion, a PE ratio of -1.94 and a beta of 0.88. Lucid Group, Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $4.43.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same quarter in the prior year, the firm earned ($0.27) EPS. The company's revenue was up 36.1% compared to the same quarter last year. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share 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.