First Trust Advisors LP Grows Stake in Lucid Group, Inc. (NASDAQ:LCID)

First Trust Advisors LP raised its stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 51.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,261,050 shares of the company's stock after acquiring an additional 3,495,392 shares during the period. First Trust Advisors LP owned approximately 0.34% of Lucid Group worth $30,988,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Lucid Group by 31.1% in 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 in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Geode Capital Management LLC increased its stake in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after purchasing an additional 4,844,782 shares in the last quarter. Norges Bank acquired a new stake in Lucid Group in the fourth quarter valued at $9,446,000. Finally, Marshall Wace LLP raised its stake in shares of Lucid Group by 17,519.6% during the 4th quarter. Marshall Wace LLP now owns 1,859,928 shares of the company's stock worth $5,617,000 after buying an additional 1,849,372 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Cowen assumed coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating for 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. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Thursday, April 3rd. Finally, Benchmark reissued a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Down 1.8 %

Shares of LCID traded down $0.05 during trading hours on Tuesday, hitting $2.49. The stock had a trading volume of 30,259,733 shares, compared to its average volume of 94,821,164. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43. The firm has a market cap of $7.53 billion, a P/E ratio of -1.85 and a beta of 0.88. 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 company's fifty day simple moving average is $2.38 and its 200 day simple moving average is $2.57.

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.