Nuveen Asset Management LLC Boosts Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Nuveen Asset Management LLC grew its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 27.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,243,463 shares of the company's stock after purchasing an additional 703,811 shares during the period. Nuveen Asset Management LLC owned about 0.11% of Lucid Group worth $9,795,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LCID. Nisa Investment Advisors LLC increased its holdings in Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after purchasing an additional 249,500 shares during the period. SG Americas Securities LLC lifted its position in Lucid Group by 3.4% in the 4th quarter. SG Americas Securities LLC now owns 157,160 shares of the company's stock valued at $475,000 after acquiring an additional 5,121 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Lucid Group by 55.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 19,849 shares of the company's stock valued at $60,000 after acquiring an additional 7,080 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in Lucid Group during the 4th quarter valued at $34,000. Finally, KBC Group NV raised its stake in Lucid Group by 113.0% during the 4th quarter. KBC Group NV now owns 58,391 shares of the company's stock valued at $176,000 after buying an additional 30,976 shares during the last quarter. Institutional investors own 75.17% of the company's stock.

Lucid Group Trading Down 0.4%

LCID traded down $0.01 during trading hours on Wednesday, reaching $2.63. The company's stock had a trading volume of 73,003,976 shares, compared to its average volume of 70,691,216. Lucid Group, Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The stock has a market cap of $8.02 billion, a PE ratio of -1.96 and a beta of 0.88. The business's 50-day moving average is $2.49 and its 200-day moving average is $2.58. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. During the same quarter last year, the company earned ($0.27) earnings per share. The firm's revenue for the quarter was up 36.1% on a year-over-year basis. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LCID has been the subject of several analyst reports. Morgan Stanley upgraded 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. Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and dropped their price target for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Benchmark reissued a "buy" rating and set a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Finally, Robert W. Baird increased their price target on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $2.68.

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.