Bleakley Financial Group LLC Takes $49,000 Position in Lucid Group, Inc. (NASDAQ:LCID)

Bleakley Financial Group LLC bought a new stake in shares of Lucid Group, Inc. (NASDAQ:LCID) during the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 13,854 shares of the company’s stock, valued at approximately $49,000.

Other hedge funds have also recently made changes to their positions in the company. Van ECK Associates Corp grew its holdings in Lucid Group by 34.0% during the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after purchasing an additional 227,908 shares during the last quarter. Vanguard Group Inc. grew its holdings in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Lucid Group by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after purchasing an additional 23,752 shares during the last quarter. Ballentine Partners LLC grew its holdings in Lucid Group by 154.2% during the 1st quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock valued at $82,000 after purchasing an additional 17,405 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after purchasing an additional 732,463 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 61.26% of the stock is currently owned by corporate insiders.

Lucid Group Price Performance

NASDAQ LCID opened at $2.50 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The firm’s 50 day moving average price is $3.50 and its 200-day moving average price is $3.10. Lucid Group, Inc. has a 52-week low of $2.29 and a 52-week high of $5.31. The company has a market cap of $5.77 billion, a PE ratio of -1.97 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The business had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. During the same quarter in the prior year, the business posted ($0.40) earnings per share. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. Sell-side analysts forecast that Lucid Group, Inc. will post -1.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average price target of $3.54.

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.