Public Investment Fund Acquires 374,717,927 Shares of Lucid Group, Inc. (NASDAQ:LCID) Stock

Lucid Group, Inc. (NASDAQ:LCID) Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -100.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Lucid Group Trading Up 0.4 %

Shares of Lucid Group stock opened at $2.25 on Wednesday. The company has a fifty day simple moving average of $3.30 and a 200-day simple moving average of $3.09. Lucid Group, Inc. has a 12-month low of $2.20 and a 12-month high of $5.31. 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 market cap of $5.26 billion, a price-to-earnings ratio of -1.86 and a beta of 1.11.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The firm had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter in the previous year, the company posted ($0.40) EPS. The firm’s quarterly revenue was up 32.9% compared to the same quarter last year. On average, equities analysts forecast that Lucid Group, Inc. will post -1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group during the 2nd quarter worth about $26,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group during the 2nd quarter valued at approximately $27,000. Frank Rimerman Advisors LLC boosted its stake in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after buying an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. purchased a new position in shares of Lucid Group during the 1st quarter valued at approximately $29,000. Finally, Norden Group LLC acquired a new stake in shares of Lucid Group during the 1st quarter valued at approximately $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.54.

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.