OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Lucid Group, Inc. (NASDAQ:LCID)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in Lucid Group, Inc. (NASDAQ:LCID) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 48,325 shares of the company’s stock, valued at approximately $203,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in LCID. Invesco Ltd. boosted its position in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after buying an additional 1,763,443 shares during the last quarter. Jump Financial LLC bought a new position in shares of Lucid Group during the third quarter valued at about $6,230,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after purchasing an additional 1,060,588 shares during the last quarter. abrdn plc grew its position in Lucid Group by 95.3% in the 4th quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after purchasing an additional 976,351 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Lucid Group by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 74,075,588 shares of the company’s stock valued at $414,083,000 after buying an additional 913,415 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Trading Down 2.9 %

NASDAQ:LCID opened at $2.38 on Tuesday. The company has a market cap of $5.47 billion, a P/E ratio of -1.70 and a beta of 1.01. Lucid Group, Inc. has a 1 year low of $2.31 and a 1 year high of $8.37. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The stock’s fifty day moving average price is $2.93 and its two-hundred day moving average price is $3.66.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s revenue for the quarter was down 39.0% on a year-over-year basis. During the same period last year, the company posted ($0.40) EPS. As a group, analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current year.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of research analyst reports. Robert W. Baird cut their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Morgan Stanley restated an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Citigroup restated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday. Finally, Bank of America dropped their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.34.

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.