Zurcher Kantonalbank Zurich Cantonalbank Has $2.09 Million Holdings in Lucid Group, Inc. (NASDAQ:LCID)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lucid Group, Inc. (NASDAQ:LCID – Free Report) by 59.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 259,370 shares of the company’s stock after purchasing an additional 96,562 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Lucid Group were worth $2,085,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LCID. Vanguard Group Inc. boosted its stake in Lucid Group by 36.7% in the 1st quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock worth $983,933,000 after purchasing an additional 10,400,923 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Lucid Group by 382.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,940,114 shares of the company’s stock worth $61,061,000 after buying an additional 7,087,545 shares in the last quarter. State Street Corp lifted its position in 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 in the last quarter. Norges Bank bought a new stake in Lucid Group during the 4th quarter worth about $29,347,000. Finally, BlackRock Inc. lifted its position in 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 in the last quarter. 71.80% of the stock is owned by institutional investors and hedge funds.

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Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 265,693,703 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were purchased at an average price of $6.83 per share, for a total transaction of $1,814,687,991.49. Following the transaction, the director now directly owns 1,366,658,905 shares in the company, valued at approximately $9,334,280,321.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 62.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on LCID. Cantor Fitzgerald cut their price target on shares of Lucid Group from $13.00 to $10.00 in a research report on Tuesday, May 9th. BNP Paribas cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $6.50 to $5.00 in a research report on Friday. Citigroup cut their price target on shares of Lucid Group from $8.00 to $7.50 and set a “neutral” rating on the stock in a research report on Wednesday, August 9th. Bank of America assumed coverage on shares of Lucid Group in a report on Monday, July 17th. They issued a “neutral” rating and a $8.00 target price on the stock. Finally, Needham & Company LLC dropped their target price on shares of Lucid Group from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus price target of $8.56.

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Lucid Group Stock Up 2.0 %

Lucid Group stock opened at $6.77 on Tuesday. The stock has a market cap of $15.45 billion, a P/E ratio of -4.48 and a beta of 0.99. The company has a quick ratio of 6.11, a current ratio of 7.07 and a debt-to-equity ratio of 0.35. Lucid Group, Inc. has a twelve month low of $5.46 and a twelve month high of $19.16. The company’s 50-day moving average price is $6.81 and its two-hundred day moving average price is $7.86.

Lucid Group (NASDAQ:LCID – Get Free Report) last released its quarterly earnings results on Monday, August 7th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.05). The company had revenue of $150.90 million during the quarter, compared to the consensus estimate of $181.58 million. Lucid Group had a negative net margin of 337.97% and a negative return on equity of 64.02%. The firm’s revenue was up 55.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.33) earnings per share. As a group, analysts expect that Lucid Group, Inc. will post -1.51 EPS for the current year.

About Lucid Group

(Free Report)

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.

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