Raymond James Financial Inc. Acquires Shares of 258,416 Lucid Group, Inc. (NASDAQ:LCID)

Raymond James Financial Inc. bought a new stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 258,416 shares of the company's stock, valued at approximately $780,000.

Several other institutional investors also recently bought and sold shares of LCID. Pine Valley Investments Ltd Liability Co grew its holdings in shares of Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock valued at $62,000 after purchasing an additional 3,816 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Lucid Group by 1.9% in the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock worth $818,000 after acquiring an additional 5,022 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock worth $36,000 after acquiring an additional 5,031 shares during the period. SG Americas Securities LLC boosted its holdings in Lucid Group by 3.4% in the fourth quarter. SG Americas Securities LLC now owns 157,160 shares of the company's stock valued at $475,000 after purchasing an additional 5,121 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company's stock worth $930,000 after purchasing an additional 6,374 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

LCID has been the topic of a number of analyst reports. Stifel Nicolaus reduced their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Morgan Stanley raised 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. Finally, Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $2.69.

Lucid Group Stock Performance

Shares of NASDAQ:LCID traded up $0.23 on Wednesday, reaching $2.55. The company's stock had a trading volume of 160,864,328 shares, compared to its average volume of 59,491,968. 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 52-week low of $1.93 and a 52-week high of $4.43. The stock's 50-day moving average is $2.54 and its two-hundred day moving average is $2.67. The stock has a market capitalization of $7.73 billion, a P/E ratio of -1.90 and a beta of 0.88.

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.