Geode Capital Management LLC Raises Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Geode Capital Management LLC lifted its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 31.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,263,309 shares of the company's stock after buying an additional 4,844,782 shares during the quarter. Geode Capital Management LLC owned approximately 0.67% of Lucid Group worth $61,214,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of LCID. Summit Securities Group LLC bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $53,000. Pictet Asset Management Holding SA grew its stake in Lucid Group by 38.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 152,761 shares of the company's stock valued at $461,000 after acquiring an additional 42,295 shares in the last quarter. Norges Bank bought a new stake in Lucid Group in the 4th quarter valued at $9,446,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Lucid Group by 13.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,131,148 shares of the company's stock valued at $3,721,000 after purchasing an additional 138,248 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings 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 valued at $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Institutional investors own 75.17% of the company's stock.

Analyst Ratings Changes

LCID has been the topic of a number of research analyst reports. Stifel Nicolaus decreased their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Benchmark reaffirmed a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, April 3rd. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a research report on Tuesday, March 18th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $2.69.

Lucid Group Trading Down 1.4 %

Shares of NASDAQ:LCID traded down $0.04 during trading hours on Wednesday, hitting $2.41. 16,570,726 shares of the company's stock traded hands, compared to its average volume of 60,787,845. 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 business has a fifty day moving average price of $2.50 and a 200-day moving average price of $2.64. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The firm has a market capitalization of $7.29 billion, a P/E ratio of -1.79 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.