Public Investment Fund Acquires 374,717,927 Shares of Lucid Group, Inc. (NASDAQ:LCID) Stock

Lucid Group, Inc. (NASDAQ:LCID) Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction dated 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 directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -100.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Lucid Group Price Performance

Shares of LCID opened at $2.13 on Thursday. The stock has a market cap of $4.98 billion, a P/E ratio of -1.71 and a beta of 1.11. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The stock’s 50-day moving average price is $3.27 and its two-hundred day moving average price is $3.09. Lucid Group, Inc. has a 1 year low of $2.02 and a 1 year high of $5.31.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The business had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.40) EPS. On average, equities analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares during the period. Bank of New York Mellon Corp raised its position in shares of Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the period. Van ECK Associates Corp raised its position in Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after buying an additional 227,908 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after buying an additional 46,997 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Wall Street Analyst Weigh In

LCID has been the topic of several research analyst reports. Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average price target of $3.54.

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.