Lucid Group, Inc. (NASDAQ:LCID) Stake Boosted by Public Investment Fund

Public Investment Fund lifted its stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 28.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,770,888,684 shares of the company's stock after buying an additional 396,188,386 shares during the quarter. Lucid Group makes up about 20.0% of Public Investment Fund's investment portfolio, making the stock its largest holding. Public Investment Fund owned approximately 58.80% of Lucid Group worth $5,348,084,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in Lucid Group in the fourth quarter worth $780,000. XTX Topco Ltd boosted its holdings in shares of Lucid Group by 395.7% during the fourth quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock valued at $2,564,000 after acquiring an additional 677,846 shares during the period. Norges Bank acquired a new position in shares of Lucid Group during the fourth quarter valued at $9,446,000. Nisa Investment Advisors LLC boosted its holdings 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 valued at $771,000 after acquiring an additional 249,500 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Price Performance

Lucid Group stock traded down $0.04 during midday trading on Tuesday, hitting $2.50. The company's stock had a trading volume of 43,610,563 shares, compared to its average volume of 62,885,460. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock's 50-day moving average price is $2.38 and its 200-day moving average price is $2.57. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $4.43. The company has a market capitalization of $7.56 billion, a PE ratio of -1.86 and a beta of 0.88.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on LCID. TD Cowen began coverage on shares of Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 price target for the company. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. Benchmark reissued a "buy" rating and set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Finally, Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Lucid Group currently has a consensus rating of "Hold" and an average target price of $2.68.

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.