First Trust Advisors LP Has $30.99 Million Stock Holdings in Lucid Group, Inc. (NASDAQ:LCID)

First Trust Advisors LP grew its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 51.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,261,050 shares of the company's stock after buying an additional 3,495,392 shares during the period. First Trust Advisors LP owned about 0.34% of Lucid Group worth $30,988,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Geode Capital Management LLC lifted its position in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after purchasing an additional 4,844,782 shares during the period. Norges Bank bought a new position in Lucid Group during the 4th quarter valued at $9,446,000. Finally, Marshall Wace LLP increased its position in shares of Lucid Group by 17,519.6% during the 4th quarter. Marshall Wace LLP now owns 1,859,928 shares of the company's stock valued at $5,617,000 after purchasing an additional 1,849,372 shares during the period. 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. Cowen assumed coverage on Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research report on Tuesday, March 18th. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, April 3rd. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and lowered their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Lucid Group currently has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

Lucid Group stock traded up $0.04 during midday trading on Monday, reaching $2.54. The company's stock had a trading volume of 65,851,306 shares, compared to its average volume of 62,924,209. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market cap of $7.68 billion, a PE ratio of -1.89 and a beta of 0.88. Lucid Group, Inc. has a 52 week low of $1.93 and a 52 week high of $4.43. The business has a 50-day moving average price of $2.40 and a 200-day moving average price of $2.58.

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.