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Norges Bank Makes New $9.45 Million Investment in Lucid Group, Inc. (NASDAQ:LCID)

Lucid Group logo with Auto/Tires/Trucks background

Norges Bank bought a new position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 3,127,976 shares of the company's stock, valued at approximately $9,446,000. Norges Bank owned 0.10% of Lucid Group as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Lucid Group by 31.1% during the fourth 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. Charles Schwab Investment Management Inc. lifted its stake in shares of Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock valued at $19,919,000 after buying an additional 1,499,034 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Lucid Group by 3.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company's stock worth $8,935,000 after buying an additional 85,370 shares during the period. Swiss National Bank increased its stake in Lucid Group by 2.1% in the 4th quarter. Swiss National Bank now owns 1,839,000 shares of the company's stock worth $5,554,000 after buying an additional 37,500 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Lucid Group by 103.3% during the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company's stock valued at $3,764,000 after acquiring an additional 633,410 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Price Performance

Shares of NASDAQ LCID traded down $0.02 during mid-day trading on Friday, hitting $2.50. 161,783,825 shares of the company's stock traded hands, compared to its average volume of 60,449,135. 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, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The company's 50-day moving average is $2.52 and its two-hundred day moving average is $2.65. The company has a market capitalization of $7.58 billion, a P/E ratio of -1.87 and a beta of 0.88.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of recent analyst reports. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research report on Tuesday, March 18th. Cowen assumed coverage on Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and cut their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $2.69.

Read Our Latest Stock Analysis on LCID

About Lucid Group

(Free Report)

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.

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Institutional Ownership by Quarter for Lucid Group (NASDAQ:LCID)

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