Bank of New York Mellon Corp increased its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID – Free Report) by 27.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,681,982 shares of the company’s stock after purchasing an additional 581,082 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.12% of Lucid Group worth $7,000,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the second quarter valued at about $27,000. Meeder Advisory Services Inc. acquired a new position in shares of Lucid Group during the 1st quarter worth approximately $29,000. Norden Group LLC bought a new stake in shares of Lucid Group during the 1st quarter worth approximately $32,000. Heritage Wealth Advisors boosted its holdings in shares of Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new position in shares of Lucid Group in the second quarter valued at $34,000. Institutional investors own 75.17% of the company’s stock.
Lucid Group Stock Performance
NASDAQ:LCID opened at $3.98 on Thursday. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The stock has a 50 day simple moving average of $3.49 and a 200 day simple moving average of $3.01. Lucid Group, Inc. has a 1-year low of $2.29 and a 1-year high of $6.12. The stock has a market cap of $9.18 billion, a P/E ratio of -3.13 and a beta of 1.05.
Analyst Ratings Changes
Several analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Monday. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Friday, August 16th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.71.
Check Out Our Latest Analysis on LCID
Insiders Place Their Bets
In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 61.26% of the company’s stock.
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.
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