State of New Jersey Common Pension Fund D Grows Stock Holdings in Lucid Group, Inc. (NASDAQ:LCID)

State of New Jersey Common Pension Fund D grew its stake in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 114.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 999,601 shares of the company's stock after buying an additional 533,973 shares during the period. State of New Jersey Common Pension Fund D's holdings in Lucid Group were worth $3,019,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Lucid Group by 103.3% in the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company's stock valued at $3,764,000 after purchasing an additional 633,410 shares during the last quarter. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group in the 3rd quarter valued at $3,209,000. Lecap Asset Management Ltd. acquired a new stake in shares of Lucid Group during the fourth quarter worth $861,000. Finally, The Manufacturers Life Insurance Company raised its stake in Lucid Group by 2.5% during the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company's stock worth $930,000 after buying an additional 6,374 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on LCID shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. Royal Bank of Canada lowered their price objective on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Benchmark started coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They set a "buy" rating and a $5.00 target price on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Finally, R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $3.24.

Lucid Group Stock Performance

NASDAQ LCID traded down $0.25 on Friday, hitting $3.06. 90,614,354 shares of the stock traded hands, compared to its average volume of 80,940,344. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of -2.28 and a beta of 0.93. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $4.43. The business's fifty day moving average is $2.98 and its two-hundred day moving average is $2.98.

Lucid Group 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.