M&T Bank Corp Sells 87,511 Shares of Lucid Group, Inc. (NASDAQ:LCID)

M&T Bank Corp lowered its stake in Lucid Group, Inc. (NASDAQ:LCID) by 39.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 134,824 shares of the company’s stock after selling 87,511 shares during the quarter. M&T Bank Corp’s holdings in Lucid Group were worth $408,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group in the fourth quarter worth about $28,000. Proficio Capital Partners LLC bought a new stake in Lucid Group during the 4th quarter valued at approximately $31,000. First National Corp MA ADV bought a new stake in Lucid Group during the 4th quarter valued at approximately $32,000. Yousif Capital Management LLC bought a new stake in Lucid Group during the 4th quarter valued at approximately $32,000. Finally, Wedge Capital Management L L P NC bought a new stake in Lucid Group during the 4th quarter valued at approximately $33,000. Institutional investors own 75.17% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LCID. Royal Bank of Canada decreased their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Benchmark reissued a “buy” rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Finally, Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

Shares of Lucid Group stock opened at $2.03 on Friday. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of -1.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock has a 50 day moving average price of $2.77 and a 200-day moving average price of $2.87. Lucid Group, Inc. has a one year low of $1.93 and a one year high of $4.43.

Lucid Group 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.