KLP Kapitalforvaltning AS Makes New Investment in Lucid Group, Inc. (NASDAQ:LCID)

KLP Kapitalforvaltning AS purchased a new position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 181,200 shares of the company's stock, valued at approximately $547,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in Lucid Group by 29.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock worth $19,919,000 after buying an additional 1,499,034 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lucid Group by 3.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company's stock worth $8,935,000 after acquiring an additional 85,370 shares during the last quarter. Swiss National Bank grew its holdings in Lucid Group by 2.1% in the fourth quarter. Swiss National Bank now owns 1,839,000 shares of the company's stock valued at $5,554,000 after purchasing an additional 37,500 shares during the period. Van ECK Associates Corp increased its position in Lucid Group by 103.3% during the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company's stock worth $3,764,000 after purchasing an additional 633,410 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in Lucid Group by 114.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company's stock worth $3,019,000 after purchasing an additional 533,973 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

LCID has been the subject of a number of research analyst reports. Benchmark restated a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target on the stock in a report on Tuesday, March 18th. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Stifel Nicolaus reduced their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $2.69.

Lucid Group Stock Performance

Shares of NASDAQ:LCID traded up $0.17 during trading hours on Monday, hitting $2.45. The stock had a trading volume of 174,781,003 shares, compared to its average volume of 58,314,127. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. Lucid Group, Inc. has a 1-year low of $1.93 and a 1-year high of $4.43. The stock's fifty day simple moving average is $2.56 and its 200 day simple moving average is $2.69. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of -1.83 and a beta of 0.88.

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.