Bank of New York Mellon Corp Raises Stake in Lucid Group, Inc. (NASDAQ:LCID)

Bank of New York Mellon Corp increased its stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 10.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 4,215,104 shares of the company's stock after purchasing an additional 410,025 shares during the period. Bank of New York Mellon Corp owned 0.18% of Lucid Group worth $23,562,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. 1832 Asset Management L.P. purchased a new stake in shares of Lucid Group in the 1st quarter valued at about $25,000. First Manhattan Co. raised its holdings in shares of Lucid Group by 666.7% in the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company's stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Lucid Group by 184.6% in the 3rd quarter. Quent Capital LLC now owns 4,482 shares of the company's stock valued at $25,000 after acquiring an additional 2,907 shares in the last quarter. Itau Unibanco Holding S.A. raised its holdings in shares of Lucid Group by 283.3% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company's stock valued at $34,000 after acquiring an additional 3,671 shares in the last quarter. Finally, Hexagon Capital Partners LLC purchased a new stake in shares of Lucid Group in the 2nd quarter valued at about $34,000.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on LCID. R. F. Lafferty cut Lucid Group from a "buy" rating to a "hold" rating and decreased their price objective for the company from $10.00 to $5.00 in a report on Wednesday, November 8th. Cantor Fitzgerald reissued a "neutral" rating and set a $6.00 price objective on shares of Lucid Group in a report on Friday, January 12th. Stifel Nicolaus initiated coverage on Lucid Group in a report on Thursday, December 7th. They set a "hold" rating and a $5.00 price objective on the stock. Morgan Stanley reduced their price target on Lucid Group from $5.00 to $4.00 and set an "underweight" rating on the stock in a research report on Thursday, November 9th. Finally, Needham & Company LLC lowered Lucid Group from a "buy" rating to a "hold" rating in a research report on Monday, November 27th. Two research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $5.85.

Lucid Group Stock Up 2.3 %

Shares of NASDAQ:LCID opened at $2.71 on Friday. The stock has a fifty day simple moving average of $4.08 and a two-hundred day simple moving average of $5.24. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of -1.95 and a beta of 1.08. Lucid Group, Inc. has a 12-month low of $2.54 and a 12-month high of $17.81. The company has a current ratio of 5.19, a quick ratio of 4.42 and a debt-to-equity ratio of 0.38.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). The company had revenue of $137.81 million for the quarter, compared to analysts' expectations of $185.10 million. Lucid Group had a negative net margin of 380.45% and a negative return on equity of 58.91%. The firm's quarterly revenue was down 29.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) EPS. On average, research analysts anticipate that Lucid Group, Inc. will post -1.42 earnings per share for the current fiscal year.

About Lucid Group

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.