Lucid Group, Inc. (NASDAQ:LCID) Shares Purchased by Truist Financial Corp

Truist Financial Corp boosted its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 40.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,760 shares of the company’s stock after acquiring an additional 10,828 shares during the period. Truist Financial Corp’s holdings in Lucid Group were worth $99,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of LCID. Accredited Investors Inc. purchased a new stake in shares of Lucid Group in the second quarter valued at $27,000. Frank Rimerman Advisors LLC lifted its holdings in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares in the last quarter. Meeder Advisory Services Inc. acquired a new stake in shares of Lucid Group during the 1st quarter worth about $29,000. Norden Group LLC purchased a new stake in shares of Lucid Group during the first quarter worth about $32,000. Finally, Heritage Wealth Advisors raised its position in shares of Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Analyst Upgrades and Downgrades

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

Lucid Group Stock Performance

Lucid Group stock opened at $2.63 on Monday. The company has a market cap of $6.07 billion, a price-to-earnings ratio of -2.07 and a beta of 1.04. Lucid Group, Inc. has a 12 month low of $2.29 and a 12 month high of $5.31. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The stock’s 50-day moving average is $3.53 and its 200-day moving average is $3.10.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate 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 business had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter in the previous year, the business posted ($0.40) EPS. The company’s quarterly revenue was up 32.9% on a year-over-year basis. Equities analysts anticipate that Lucid Group, Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In related news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction on Friday, August 16th. The shares were 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 of the company’s stock, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 61.26% of the company’s stock.

About Lucid Group

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.