Renaissance Technologies LLC Has $49.95 Million Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Renaissance Technologies LLC raised its position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 342.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,539,862 shares of the company's stock after purchasing an additional 12,803,987 shares during the period. Renaissance Technologies LLC owned about 0.55% of Lucid Group worth $49,950,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of LCID. Pine Valley Investments Ltd Liability Co lifted its stake in shares of Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock worth $62,000 after purchasing an additional 3,816 shares in the last quarter. Sei Investments Co. grew its holdings 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 in the last quarter. Arizona State Retirement System increased its stake in Lucid Group by 1.9% during 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 period. GAMMA Investing LLC grew its stake 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 valued at $36,000 after acquiring an additional 5,031 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Lucid Group by 3.4% during the fourth quarter. SG Americas Securities LLC now owns 157,160 shares of the company's stock worth $475,000 after acquiring an additional 5,121 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Price Performance

Shares of Lucid Group stock traded down $0.04 during midday trading on Tuesday, hitting $2.50. 35,777,976 shares of the company were exchanged, compared to its average volume of 60,638,723. The firm has a market cap of $7.56 billion, a P/E ratio of -1.86 and a beta of 0.88. The firm has a 50 day simple moving average of $2.51 and a 200-day simple moving average of $2.64. Lucid Group, Inc. has a 52 week low of $1.93 and a 52 week high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Analyst Ratings Changes

Several research firms have issued reports on LCID. Benchmark restated a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Stifel Nicolaus reduced their price target on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2.69.

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.