State of New Jersey Common Pension Fund D Acquires 533,973 Shares of Lucid Group, Inc. (NASDAQ:LCID)

State of New Jersey Common Pension Fund D increased its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 114.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 999,601 shares of the company’s stock after purchasing an additional 533,973 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Lucid Group were worth $3,019,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of LCID. Charles Schwab Investment Management Inc. grew its stake in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Lucid Group by 103.3% during the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after acquiring an additional 633,410 shares in the last quarter. Point72 Italy S.r.l. bought a new position in shares of Lucid Group during the 3rd quarter worth approximately $3,209,000. Lecap Asset Management Ltd. bought a new position in shares of Lucid Group during the 4th quarter worth approximately $861,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of 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 acquiring an additional 6,374 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Benchmark began coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target for the company. Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.24.

Lucid Group Trading Down 1.8 %

Shares of Lucid Group stock opened at $3.31 on Friday. The business has a fifty day simple moving average of $2.98 and a two-hundred day simple moving average of $2.98. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of -2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

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.