Zurcher Kantonalbank Zurich Cantonalbank Acquires 90,677 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Lucid Group, Inc. (NASDAQ:LCID) by 54.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 258,361 shares of the company’s stock after buying an additional 90,677 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Lucid Group were worth $625,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Public Investment Fund increased its position in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Geode Capital Management LLC boosted its stake in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC boosted its stake in Lucid Group by 342.7% in the 4th 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. Two Sigma Investments LP boosted its stake in Lucid Group by 4,320.7% in the 4th 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. Finally, Two Sigma Advisers LP acquired a new position in Lucid Group in the 4th quarter worth $34,123,000. Institutional investors own 75.17% of the company’s stock.

Analysts Set New Price Targets

LCID has been the subject of a number of research analyst reports. Robert W. Baird upped their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a research note on Monday, April 21st. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and an average target price of $2.68.

Lucid Group Trading Down 9.9%

Shares of LCID stock opened at $2.18 on Thursday. The firm has a 50 day moving average price of $2.35 and a two-hundred day moving average price of $2.49. 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 $6.65 billion, a PE ratio of -1.90 and a beta of 0.79. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.06). Lucid Group had a negative return on equity of 74.27% and a negative net margin of 259.57%. The business had revenue of $259.43 million for the quarter, compared to the consensus estimate of $288.10 million. During the same period in the prior year, the business posted ($0.29) earnings per share. The firm’s revenue for the quarter was up 29.3% compared to the same quarter last year. As a group, analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

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.