PFG Investments LLC Makes New Investment in Lucid Group, Inc. (NASDAQ:LCID)

PFG Investments LLC acquired a new position in Lucid Group, Inc. (NASDAQ:LCID) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 16,530 shares of the company’s stock, valued at approximately $47,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares during the last quarter. Norges Bank purchased a new position in shares of Lucid Group in the fourth quarter worth $22,208,000. Hsbc Holdings PLC raised its holdings in Lucid Group by 496.8% during the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock valued at $9,587,000 after buying an additional 1,900,730 shares during the last quarter. Invesco Ltd. boosted its position in Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after buying an additional 1,763,443 shares during the period. Finally, Jump Financial LLC bought a new stake in Lucid Group in the 3rd quarter worth $6,230,000. Institutional investors own 75.17% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on LCID shares. Bank of America dropped their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Citigroup reiterated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a report on Monday, April 22nd. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Finally, Robert W. Baird decreased their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.34.

Lucid Group Stock Up 0.2 %

Shares of LCID stock traded up $0.01 during trading hours on Friday, hitting $2.79. 17,083,278 shares of the company’s stock traded hands, compared to its average volume of 19,646,904. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The stock’s fifty day simple moving average is $2.77 and its two-hundred day simple moving average is $3.51. Lucid Group, Inc. has a 12-month low of $2.29 and a 12-month high of $8.37. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of -1.99 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. During the same quarter in the previous year, the firm posted ($0.40) EPS. The firm’s quarterly revenue was down 39.0% compared to the same quarter last year. On average, analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current year.

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.