Lucid Group, Inc. (NASDAQ:LCID) Holdings Decreased by M&T Bank Corp

M&T Bank Corp reduced its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 5.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,845 shares of the company’s stock after selling 6,979 shares during the quarter. M&T Bank Corp’s holdings in Lucid Group were worth $309,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Lucid Group by 4.5% during the 1st quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company’s stock valued at $7,480,000 after acquiring an additional 132,497 shares during the last quarter. World Investment Advisors boosted its stake in Lucid Group by 30.5% in the 1st quarter. World Investment Advisors now owns 78,325 shares of the company’s stock valued at $190,000 after buying an additional 18,284 shares in the last quarter. OneDigital Investment Advisors LLC acquired a new stake in shares of Lucid Group in the first quarter valued at $55,000. Meritage Portfolio Management acquired a new position in Lucid Group during the 1st quarter worth $48,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Lucid Group in the 1st quarter valued at $422,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analyst Upgrades and Downgrades

LCID has been the subject of several recent analyst reports. Robert W. Baird increased their price target on Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a report on Monday, April 21st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.68.

Lucid Group Price Performance

Shares of NASDAQ LCID opened at $3.12 on Friday. 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 company has a market capitalization of $9.52 billion, a PE ratio of -2.58 and a beta of 0.78. The stock’s 50 day moving average price is $2.35 and its 200-day moving average price is $2.52. Lucid Group, Inc. has a twelve month low of $1.93 and a twelve month high of $4.43.

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). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. During the same period in the previous year, the company posted ($0.27) EPS. The company’s revenue for the quarter was up 36.1% compared to the same quarter last year. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current 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.