On September 20, 2023, it was reported that DnB Asset Management AS had increased its stake in Lucid Group, Inc. by 107.3% during the second quarter of the year. This information was obtained from the company’s most recent Form 13F filing with the Securities and Exchange Commission. The filing revealed that DnB Asset Management AS now owns 133,684 shares of Lucid Group’s stock, having purchased an additional 69,209 shares during the quarter. At the end of the second quarter, these holdings were valued at $921,000.
Lucid Group (NASDAQ:LCID) recently released its earnings results for the quarter ending August 7th. The company reported an earnings per share (EPS) of ($0.40), which fell short of the consensus estimate by ($0.05). This quarterly performance revealed a negative net margin of 337.97% and a negative return on equity of 64.02%. Lucid Group generated revenue amounting to $150.90 million during this period, in contrast to analysts’ expectations of $181.58 million. In comparison to the corresponding quarter last year, Lucid Group’s revenue experienced a positive growth rate of 55.1%. Analysts predict that Lucid Group will post a -1.51 EPS for the current fiscal year.
Analyst reports have focused on LCID stock in recent times and have influenced its market sentiment accordingly. BNP Paribas downgraded their rating on Lucid Group from “neutral” to “underperform” and lowered their target price from $6.50 to $5.00 in a research note published on August 11th.
Citigroup also decreased their target price for LCID stock from $8.00 to $7.50 while maintaining a “neutral” rating on August 9th.
Meanwhile, Needham & Company LLC lowered their target price from $10.00 to $9.00 but maintained a “buy” rating on August 8th.
Royal Bank of Canada reissued a “sector perform” rating and set a target price of $6.00 for Lucid Group shares in their research note published on Tuesday.
Lastly, Bank of America initiated coverage on Lucid Group on July 17th with a “neutral” rating and a target price of $8.00.
Currently, according to Bloomberg.com, Lucid Group has an average rating of “Hold” and the consensus price target is around $8.15.
In conclusion, DnB Asset Management AS’s increased stake in Lucid Group indicates their confidence in the company’s future prospects. However, the recent earnings report and analyst reports have highlighted some concerns and challenges that LCID faces. The stock has seen mixed ratings from analysts, indicating a level of uncertainty about its trajectory in the near term. Investors will be keeping a close eye on how Lucid Group navigates these obstacles in order to make informed decisions about their investment strategies moving forward.
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Ownership Changes and Trading Activities Surrounding Lucid Group, Inc. (LCID): A Comprehensive Analysis
As of September 20, 2023, Lucid Group, Inc. (LCID) has seen some interesting developments in its ownership and trading activities. Several institutional investors and hedge funds have made adjustments to their holdings of LCID.
One notable change came from 1832 Asset Management L.P., which acquired a new position in shares of Lucid Group during the first quarter. The value of this position amounted to approximately $25,000. Additionally, First Manhattan Co. significantly increased its stake in Lucid Group by 666.7% during the same period by purchasing an additional 1,000 shares, bringing their total ownership to 1,150 shares valued at $29,000.
Twin Tree Management LP also entered the scene by acquiring a new stake in Lucid Group worth about $35,000 in the first quarter. Furthermore, Harvest Fund Management Co. Ltd expanded its stake in Lucid Group by 103.3% by purchasing an additional 2,433 shares during the last quarter. As a result, they now own 4,789 shares with a value of approximately $38,000.
Another notable investor that emerged was Householder Group Estate & Retirement Specialist LLC who purchased a new stake in Lucid Group worth about $41,000 in the first quarter.
In separate news related to Lucid Group, Director Public Investment Fund was reported to have acquired a significant number of shares in the company with a transaction date listed as Thursday, June 22nd. This purchase consisted of buying 265,693,703 shares at an average cost of $6.83 per share for a total transaction value of $1,814,687,991.49.
Following this acquisition by Director Public Investment Fund and subsequent completion of the transaction on June 22nd,the director now holds an extraordinary number of shares—amounting to approximately 1,366,6587975—in Lucid Group, valued at a staggering $9,334,280,321.15.
To ensure transparent disclosure, the transaction involving Director Public Investment Fund was filed with the Securities and Exchange Commission (SEC) and can be accessed through the provided link.
Another disclosure notes that Director Public Investment Fund made another acquisition of 265,693,703 shares on June 22nd, reiterating the same information as before. The filing can be accessed through the SEC link provided.
Furthermore, it is worth mentioning that Senior Vice President Michael Bell sold 46,735 shares of Lucid Group’s stock on Thursday, September 14th. The average price per share for this transaction was $6.01, resulting in a total transaction value of $280,877.35. Following this sale, Bell now holds approximately 1,437,293 shares valued at $8,638,130.93.
It is interesting to note that company insiders hold a significant portion of Lucid Group’s stock—specifically 62.50%—indicating their confidence and involvement in the company.
In terms of recent trading activity for LCID stock itself,Lucid Group opened at $5.50 on Wednesday. Its 50-day moving average price stands at $6.52 while its 200-day moving average price is recorded at $7.06.Understandably,the stock has experienced some fluctuation throughout its trading period with a low point of $5.44 and a high point of $17.81 within the past year.
As for Lucid Group’s market capitalization,it currently stands at around $12.55 billion.The firm maintains a negative price-to-earnings ratio of -3.64 which may raise perplexity among investors due to its unusual valuation.Furthermore,the beta for LCID is listed as 1.05,suggesting some degree of correlation with broader market movements.Additionally,Lucid Group holds a debt-to-equity ratio of 0.35,indicating its financial leverage is notably limited.Moreover,the quick ratio for the company stands at 6.11 and the current ratio is recorded as 7.07,which reflect positive liquidity positions.
These recent developments in ownership changes and insider trading activities,combined with the stock’s price fluctuations,are worth noting for investors who are interested in Lucid Group,Inc.It would be prudent to keep a close eye on how these factors may influence the future direction of LCID’s stock performance and investment opportunities.
