Hsbc Holdings PLC Sells 141,808 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Posted by Defense World Staff on Feb 26th, 2023

Hsbc Holdings PLC decreased its position in shares of Lucid Group, Inc. (NASDAQ:LCID – Get Rating) by 33.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 286,235 shares of the company’s stock after selling 141,808 shares during the quarter. Hsbc Holdings PLC’s holdings in Lucid Group were worth $4,036,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Lucid Group by 36.7% in the first quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock valued at $983,933,000 after buying an additional 10,400,923 shares during the period. BlackRock Inc. grew its position in shares of Lucid Group by 23.7% during the 1st quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after buying an additional 2,990,659 shares during the period. State Street Corp grew its position in shares of Lucid Group by 80.9% during the 2nd quarter. State Street Corp now owns 10,822,778 shares of the company’s stock worth $185,719,000 after buying an additional 4,841,301 shares during the period. Northern Trust Corp lifted its holdings in shares of Lucid Group by 39.1% in the 2nd quarter. Northern Trust Corp now owns 2,872,704 shares of the company’s stock worth $49,296,000 after purchasing an additional 807,821 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Lucid Group by 15.5% in the 2nd quarter. Legal & General Group Plc now owns 2,466,665 shares of the company’s stock worth $42,328,000 after purchasing an additional 330,727 shares in the last quarter.

Lucid Group Trading Down 3.2 %

Lucid Group stock opened at $8.51 on Friday. The company has a current ratio of 5.04, a quick ratio of 4.21 and a debt-to-equity ratio of 0.64. Lucid Group, Inc. has a 12 month low of $6.09 and a 12 month high of $29.05. The stock’s 50 day simple moving average is $8.84 and its two-hundred day simple moving average is $11.84. The firm has a market cap of $14.30 billion, a PE ratio of -8.03 and a beta of 1.08.

Insider Activity

In related news, SVP Michael Bell sold 12,574 shares of the stock in a transaction on Wednesday, December 7th. The stock was sold at an average price of $8.57, for a total value of $107,759.18. Following the completion of the transaction, the senior vice president now directly owns 1,261,950 shares of the company’s stock, valued at approximately $10,814,911.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Michael Bell sold 12,574 shares of the stock in a transaction on Wednesday, December 7th. The stock was sold at an average price of $8.57, for a total transaction of $107,759.18. Following the completion of the transaction, the senior vice president now directly owns 1,261,950 shares in the company, valued at approximately $10,814,911.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Public Investment Fund bought 85,712,679 shares of the stock in a transaction that occurred on Thursday, December 22nd. The shares were purchased at an average price of $10.68 per share, with a total value of $915,411,411.72. Following the completion of the acquisition, the director now directly owns 1,100,965,202 shares in the company, valued at $11,758,308,357.36. The disclosure for this purchase can be found here. Insiders own 62.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on LCID shares. R. F. Lafferty cut their price target on shares of Lucid Group from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday. Evercore ISI initiated coverage on shares of Lucid Group in a report on Tuesday, November 29th. They issued an “in-line” rating and a $12.00 price objective for the company. Bank of America downgraded shares of Lucid Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $10.00 in a research report on Thursday. BNP Paribas downgraded shares of Lucid Group from an “outperform” rating to a “neutral” rating in a report on Thursday. Finally, Citigroup initiated coverage on shares of Lucid Group in a report on Sunday, January 22nd. They issued a “buy” rating and a $12.00 price objective on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.57.

Lucid Group Company Profile

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Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.