OVERSEA CHINESE BANKING Corp Ltd Takes Position in Lucid Group, Inc. (NASDAQ:LCID)

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Lucid Group, Inc. (NASDAQ:LCID) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 48,325 shares of the company’s stock, valued at approximately $203,000.

Other large investors have also made changes to their positions in the company. UniSuper Management Pty Ltd raised its stake in Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after purchasing an additional 3,700 shares during the period. Banque Cantonale Vaudoise purchased a new position in shares of Lucid Group in the third quarter worth $38,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Lucid Group by 309.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock worth $47,000 after acquiring an additional 6,398 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Lucid Group during the third quarter valued at $57,000. Finally, Tyche Wealth Partners LLC bought a new stake in Lucid Group in the 4th quarter valued at $43,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on LCID. Citigroup reissued a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday. Stifel Nicolaus cut their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Robert W. Baird decreased their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Morgan Stanley reissued an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Finally, Bank of America decreased their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, Lucid Group has an average rating of “Hold” and an average target price of $4.34.

Lucid Group Price Performance

Lucid Group stock opened at $2.38 on Tuesday. Lucid Group, Inc. has a 12-month low of $2.31 and a 12-month high of $8.37. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $2.93 and a 200-day moving average price of $3.66. The firm has a market capitalization of $5.47 billion, a PE ratio of -1.70 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. During the same quarter last year, the firm earned ($0.40) EPS. The firm’s quarterly revenue was down 39.0% on a year-over-year basis. As a group, equities research analysts forecast that Lucid Group, Inc. will post -1.06 EPS for the current year.

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.