Fifth Third Bancorp Invests $123,000 in Lucid Group, Inc. (NASDAQ:LCID)

Fifth Third Bancorp bought a new position in shares of Lucid Group, Inc. (NASDAQ:LCID) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 51,000 shares of the company’s stock, valued at approximately $123,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of LCID. Public Investment Fund lifted its holdings in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares during the period. Two Sigma Investments LP increased its position in shares of Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. Renaissance Technologies LLC increased its position in shares of Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP bought a new position in shares of Lucid Group in the fourth quarter worth $34,123,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They issued a “hold” rating and a $2.30 price target on the stock. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Robert W. Baird raised their price target on Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a research report on Monday, April 21st. Finally, Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.68.

Lucid Group Stock Performance

Lucid Group stock opened at $2.22 on Friday. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43. The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65. The business’s 50-day moving average price is $2.42 and its two-hundred day moving average price is $2.59. The stock has a market cap of $6.77 billion, a PE ratio of -1.83 and a beta of 0.81.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The business’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.27) earnings per share. As a group, analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

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.