Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Holdings in Lucid Group, Inc. (NASDAQ:LCID)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 13.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,131,148 shares of the company's stock after purchasing an additional 138,248 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Lucid Group were worth $3,721,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the 3rd quarter valued at about $3,209,000. Main Management ETF Advisors LLC acquired a new stake in Lucid Group in the 3rd quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. lifted its stake in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock worth $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock worth $771,000 after buying an additional 249,500 shares during the period. Finally, Empowered Funds LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at $301,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Down 3.3 %

LCID stock traded down $0.08 during midday trading on Thursday, reaching $2.32. 212,032,019 shares of the company were exchanged, compared to its average volume of 57,227,708. The company has a market cap of $7.03 billion, a price-to-earnings ratio of -1.73 and a beta of 0.97. 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 50-day simple moving average is $2.58 and its 200 day simple moving average is $2.72.

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Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Redburn Atlantic cut 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 report on Monday, February 24th. Morgan Stanley raised 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 note on Tuesday, March 18th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday. Cowen started coverage on shares of Lucid Group in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two equities research 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. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $2.69.

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.