Vanguard has increased its stake in Lucid by over 10% with nearly 57 million shares now on the books worth over $450,000,000.
Bright Future Ahead
According to the Group's most recent 13F filing with the SEC, Vanguard's stake in Lucid grew by 10.62% over the previous quarter.
Vanguard is Lucid Group's second-largest shareholder behind the Saudi PIF and its funds are among the most successful in the financial services industry. In a period of high cash burn and less-than-ideal delivery figures for Lucid, Vanguard increasing its investment position demonstrates faith in the EV manufacturer's bright future.
On top of building the longest-range electric cars currently available, Lucid is a technology company that designs and manufactures many of the innovative components that give its vehicles their record-breaking abilities. The Lucid Air sedan launched in late 2021 and the company's second vehicle, the Lucid Gravity SUV, is expected to enter production in 2024.
The upcoming Lucid Gravity SUV undergoing public road testing.
As with any new and fast-growing company, Lucid's share price and industry sentiments towards the company experience regular rises and falls. Analysts are consistently divided on the stock, with Citigroup calling it a "Buy" despite reducing their price target from $12 to $11.50. Cantor Fitzgerald's Andres Shephard also backed LCID earlier this year, while the prevailing analyst consensus is "Hold" according to Yahoo, with 3 Buys, 2 Holds and 3 Sell ratings.
LCID is up 3.42% at the time of writing today and is trading at $7.87/share. The stock has climbed by nearly 10% in the past week, continuing an upward trend for the month of May.
Related Story: Lucid Air vs. BMW M8 Drag Race: Adhesion is All
James Walker is an Automotive Journalist at Torque News focusing on Lucid Motors. If it's got wheels he's interested, and he's looking forward to seeing what kind of cars the EV revolution brings us. Whether it's fast, slow, new, or old, James wants to have a look around it and share it in print and on video, ideally with some twisty roads involved. You can connect with James on Twitter, Instagram, and LinkedIn.