Prudential PLC Makes New $188,000 Investment in Lucid Group, Inc. (NASDAQ:LCID)

Posted by Defense World Staff on May 20th, 2023

Prudential PLC bought a new position in Lucid Group, Inc. (NASDAQ:LCID – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 27,507 shares of the company’s stock, valued at approximately $188,000.

Several other hedge funds have also added to or reduced their stakes in LCID. Vanguard Group Inc. boosted its holdings in Lucid Group by 36.7% in the first quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock worth $983,933,000 after acquiring an additional 10,400,923 shares in the last quarter. First Trust Advisors LP boosted its holdings in Lucid Group by 888.1% in the third quarter. First Trust Advisors LP now owns 6,821,535 shares of the company’s stock worth $95,297,000 after acquiring an additional 6,131,163 shares in the last quarter. State Street Corp boosted its holdings in Lucid Group by 80.9% in the second quarter. State Street Corp now owns 10,822,778 shares of the company’s stock worth $185,719,000 after acquiring an additional 4,841,301 shares in the last quarter. BlackRock Inc. boosted its holdings in Lucid Group by 23.7% in the first quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after acquiring an additional 2,990,659 shares in the last quarter. Finally, Nomura Holdings Inc. lifted its holdings in shares of Lucid Group by 101.1% during the second quarter. Nomura Holdings Inc. now owns 18,159 shares of the company’s stock valued at $309,000 after purchasing an additional 1,699,534 shares in the last quarter.

Lucid Group Stock Down 1.5 %

LCID stock opened at $7.18 on Friday. Lucid Group, Inc. has a fifty-two week low of $6.09 and a fifty-two week high of $21.78. The business’s 50-day moving average is $7.62 and its two-hundred day moving average is $8.81. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.06 and a current ratio of 4.06. The company has a market cap of $13.17 billion, a price-to-earnings ratio of -4.99 and a beta of 1.11.

Lucid Group (NASDAQ:LCID – Get Rating) last posted its earnings results on Wednesday, February 22nd. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.01). The firm had revenue of $257.71 million during the quarter, compared to the consensus estimate of $289.80 million. Lucid Group had a negative net margin of 286.13% and a negative return on equity of 59.10%. As a group, analysts forecast that Lucid Group, Inc. will post -1.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research analyst reports. BNP Paribas downgraded Lucid Group from an “outperform” rating to a “neutral” rating in a report on Thursday, February 23rd. Morgan Stanley lowered their price target on Lucid Group from $10.00 to $5.00 and set an “underweight” rating on the stock in a report on Wednesday, January 25th. Citigroup lowered their price target on Lucid Group from $12.00 to $11.50 and set a “buy” rating on the stock in a report on Thursday, March 2nd. R. F. Lafferty lowered their price target on Lucid Group from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, February 23rd. Finally, Cantor Fitzgerald lowered their price target on Lucid Group from $13.00 to $10.00 in a report on Tuesday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.79.

Lucid Group Company Profile

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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.