Royal London Asset Management Ltd. Grows Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Royal London Asset Management Ltd. increased its holdings in Lucid Group, Inc. (NASDAQ:LCID) by 7.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 233,324 shares of the company’s stock after purchasing an additional 17,181 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Lucid Group were worth $609,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after buying an additional 489,187 shares in the last quarter. Norges Bank purchased a new position in Lucid Group in the 4th quarter valued at about $22,208,000. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after purchasing an additional 195,519 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Lucid Group by 42.9% in 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 in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, Lucid Group currently has an average rating of “Hold” and an average price target of $3.71.

Lucid Group Price Performance

NASDAQ:LCID opened at $3.94 on Friday. The business’s 50-day moving average price is $3.53 and its 200 day moving average price is $3.02. The firm has a market cap of $9.09 billion, a P/E ratio of -3.10 and a beta of 1.05. Lucid Group, Inc. has a 52-week low of $2.29 and a 52-week high of $6.12. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share 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 company had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same quarter last year, the business earned ($0.40) EPS. The company’s revenue for the quarter was up 32.9% compared to the same quarter last year. As a group, sell-side analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was 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 directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.