Lucid Group, Inc. (NASDAQ:LCID) Stake Lifted by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina raised its stake in Lucid Group, Inc. (NASDAQ:LCID) by 12.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 434,671 shares of the company’s stock after buying an additional 46,855 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Lucid Group were worth $1,313,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the period. Renaissance Technologies LLC increased its position in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Geode Capital Management LLC raised its stake in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after acquiring an additional 4,844,782 shares in the last quarter. Norges Bank bought a new position in shares of Lucid Group in the fourth quarter worth $9,446,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Lucid Group by 29.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company’s stock valued at $19,919,000 after purchasing an additional 1,499,034 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analysts Set New Price Targets

LCID has been the topic of several research analyst reports. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cowen began coverage on Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating for the company. Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Finally, TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Up 3.0 %

LCID stock opened at $2.38 on Friday. The company’s 50 day simple moving average is $2.49 and its 200-day simple moving average is $2.63. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market capitalization of $7.21 billion, a P/E ratio of -1.78 and a beta of 0.88.

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.