State Street Corp Decreases Holdings in Lucid Group, Inc. (NASDAQ:LCID)

State Street Corp reduced its position in Lucid Group, Inc. (NASDAQ:LCID) by 0.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,475,155 shares of the company’s stock after selling 111,759 shares during the period. State Street Corp owned about 0.70% of Lucid Group worth $58,157,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in Lucid Group by 27.7% in the second 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 during the last quarter. Principal Financial Group Inc. boosted its position in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after buying an additional 3,715 shares in the last quarter. Forum Financial Management LP grew its stake in Lucid Group by 2.7% in the 2nd quarter. Forum Financial Management LP now owns 240,963 shares of the company’s stock valued at $629,000 after acquiring an additional 6,429 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after acquiring an additional 3,549 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in Lucid Group by 8.8% during the second quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock worth $456,000 after acquiring an additional 14,168 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Stock Down 8.3 %

LCID opened at $2.53 on Thursday. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $4.84. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The business has a 50-day moving average of $2.41 and a two-hundred day moving average of $2.99. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of -1.89 and a beta of 1.08.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 61.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent research reports. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.16.

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.