M&T Bank Corp Acquires 70,079 Shares of Lucid Group, Inc. (NASDAQ:LCID)

M&T Bank Corp grew its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 46.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 222,335 shares of the company’s stock after purchasing an additional 70,079 shares during the period. M&T Bank Corp’s holdings in Lucid Group were worth $785,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Y Intercept Hong Kong Ltd acquired a new stake in Lucid Group in the third quarter valued at $121,000. Main Management ETF Advisors LLC acquired a new position in Lucid Group during the 3rd quarter worth about $863,000. Orion Portfolio Solutions LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $84,000. XTX Topco Ltd increased its stake in shares of Lucid Group by 552.2% in the third quarter. XTX Topco Ltd now owns 171,294 shares of the company’s stock valued at $605,000 after buying an additional 145,031 shares during the period. Finally, Quantinno Capital Management LP acquired a new stake in shares of Lucid Group in the third quarter valued at about $60,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on LCID shares. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Trading Up 5.8 %

LCID opened at $2.73 on Tuesday. The company has a fifty day moving average price of $2.44 and a two-hundred day moving average price of $2.99. Lucid Group, Inc. has a 1-year low of $1.93 and a 1-year high of $4.84. The company has a market cap of $8.22 billion, a P/E ratio of -2.04 and a beta of 1.08. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Insider Activity

In other news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 61.26% of the stock is currently owned by company insiders.

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.