Lucid Group, Inc. (NASDAQ:LCID) Shares Acquired by Public Investment Fund

Public Investment Fund boosted its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 28.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,770,888,684 shares of the company's stock after acquiring an additional 396,188,386 shares during the quarter. Lucid Group accounts for 20.0% of Public Investment Fund's portfolio, making the stock its biggest holding. Public Investment Fund owned 58.80% of Lucid Group worth $5,348,084,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LCID. Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group in the 4th quarter valued at approximately $28,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group in the 4th quarter valued at about $30,000. Proficio Capital Partners LLC purchased a new stake in Lucid Group during the fourth quarter worth $31,000. DRW Securities LLC bought a new stake in Lucid Group during the fourth quarter valued at about $31,000. Finally, First National Corp MA ADV purchased a new position in shares of Lucid Group in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LCID. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research note on Thursday, April 3rd. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Robert W. Baird upped their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Morgan Stanley raised 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 note on Tuesday, March 18th. Finally, Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target 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 given a buy rating to the stock. According to MarketBeat.com, Lucid Group has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Trading Up 1.2 %

NASDAQ:LCID traded up $0.03 during trading hours on Monday, reaching $2.53. 75,313,112 shares of the stock were exchanged, compared to its average volume of 62,961,229. Lucid Group, Inc. has a twelve month low of $1.93 and a twelve month high of $4.43. The business has a 50-day moving average of $2.40 and a two-hundred day moving average of $2.58. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of -1.89 and a beta of 0.88. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

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.