Zurcher Kantonalbank Zurich Cantonalbank Buys New Holdings in Lucid Group, Inc. (NASDAQ:LCID)

Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Lucid Group, Inc. (NASDAQ:LCID – Get Rating) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 110,398 shares of the company’s stock, valued at approximately $4,201,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Franklin Resources Inc. acquired a new position in Lucid Group during the third quarter worth $376,570,000. BlackRock Inc. acquired a new position in Lucid Group during the third quarter worth $192,549,000. Geode Capital Management LLC acquired a new position in Lucid Group during the third quarter worth $143,486,000. Coatue Management LLC acquired a new position in Lucid Group during the third quarter worth $71,443,000. Finally, Balyasny Asset Management LLC acquired a new stake in shares of Lucid Group in the third quarter valued at $35,485,000. Institutional investors and hedge funds own 69.52% of the company’s stock.

Lucid Group stock opened at 21.67 on Monday. The business’s 50-day simple moving average is 25.56 and its 200 day simple moving average is 33.18. Lucid Group, Inc. has a 12-month low of 16.12 and a 12-month high of 57.75. The company has a current ratio of 16.43, a quick ratio of 16.11 and a debt-to-equity ratio of 0.51.

Lucid Group (NASDAQ:LCID – Get Rating) last posted its quarterly earnings results on Monday, February 28th. The company reported -0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of -0.26 by -0.11. The company had revenue of 26.40 million during the quarter, compared to analyst estimates of 59.87 million. The company’s revenue was up 633.3% on a year-over-year basis. Equities research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

A number of brokerages have recently weighed in on LCID. Citigroup lowered their target price on Lucid Group from $57.00 to $45.00 in a research note on Tuesday, March 1st. Zacks Investment Research lowered Lucid Group from a “hold” rating to a “sell” rating in a research note on Wednesday, April 6th. Redburn Partners began coverage on Lucid Group in a research note on Tuesday, January 11th. They issued a “neutral” rating for the company. Morgan Stanley lowered their target price on Lucid Group from $16.00 to $12.00 and set an “underweight” rating for the company in a research note on Thursday, March 3rd. Finally, Guggenheim began coverage on Lucid Group in a research note on Monday, December 20th. They issued a “neutral” rating and a $38.00 target price for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of 33.80.

Lucid Group Profile (Get Rating)

Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.

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