Utah Retirement Systems Raises Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Utah Retirement Systems lifted its position in Lucid Group, Inc. (NASDAQ:LCID) by 30.0% in the fourth quarter, Holdings Channel reports. The firm owned 62,000 shares of the company’s stock after buying an additional 14,300 shares during the period. Utah Retirement Systems’ holdings in Lucid Group were worth $187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Public Investment Fund lifted its holdings in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares during the period. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after acquiring an additional 26,172,852 shares in the last quarter. Geode Capital Management LLC lifted its stake in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after acquiring an additional 4,844,782 shares during the period. Renaissance Technologies LLC grew its holdings in Lucid Group by 342.7% during 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 in the last quarter. Finally, First Trust Advisors LP grew its holdings in Lucid Group by 51.7% during the 4th quarter. First Trust Advisors LP now owns 10,261,050 shares of the company’s stock worth $30,988,000 after acquiring an additional 3,495,392 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

LCID opened at $2.53 on Friday. The firm’s 50-day moving average price is $2.35 and its 200-day moving average price is $2.56. The company has a market cap of $7.67 billion, a P/E ratio of -1.89 and a beta of 0.88. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus lowered their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Benchmark reiterated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.