Nuveen Asset Management LLC Purchases 703,811 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Nuveen Asset Management LLC grew its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 27.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,243,463 shares of the company's stock after acquiring an additional 703,811 shares during the period. Nuveen Asset Management LLC owned 0.11% of Lucid Group worth $9,795,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of LCID. BI Asset Management Fondsmaeglerselskab A S boosted its stake in Lucid Group by 43.8% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company's stock valued at $43,000 after purchasing an additional 4,296 shares during the last quarter. Sei Investments Co. boosted its stake in Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company's stock valued at $109,000 after purchasing an additional 4,431 shares during the last quarter. Voya Investment Management LLC boosted its stake in Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock valued at $363,000 after purchasing an additional 4,591 shares during the last quarter. Alpine Global Management LLC boosted its stake in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after purchasing an additional 4,653 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Lucid Group by 1.9% in the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock worth $818,000 after buying an additional 5,022 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LCID. Benchmark restated a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. TD Cowen began coverage on Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Robert W. Baird boosted their target price on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note 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 price target on the stock in a report on Tuesday, March 18th. Finally, Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

LCID stock traded down $0.19 during midday trading on Friday, reaching $2.22. 258,670,281 shares of the company's stock traded hands, compared to its average volume of 72,835,953. The company has a 50-day moving average price of $2.49 and a two-hundred day moving average price of $2.58. 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 52 week low of $1.93 and a 52 week high of $4.43. The firm has a market capitalization of $6.77 billion, a PE ratio of -1.66 and a beta of 0.88.

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

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.