State of New Jersey Common Pension Fund D Buys 52,833 Shares of Lucid Group, Inc. (NASDAQ:LCID)

State of New Jersey Common Pension Fund D boosted its stake in Lucid Group, Inc. (NASDAQ:LCID) by 9.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 598,064 shares of the company’s stock after acquiring an additional 52,833 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Lucid Group were worth $2,518,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC bought a new stake in shares of Lucid Group in the 4th quarter worth approximately $28,000. CWM LLC raised its stake in shares of Lucid Group by 75.7% in the fourth quarter. CWM LLC now owns 24,587 shares of the company’s stock valued at $104,000 after buying an additional 10,593 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Lucid Group in the fourth quarter valued at $203,000. Signaturefd LLC lifted its position in shares of Lucid Group by 203.9% during the 4th quarter. Signaturefd LLC now owns 17,939 shares of the company’s stock valued at $76,000 after buying an additional 12,036 shares during the last quarter. Finally, abrdn plc grew its stake in shares of Lucid Group by 95.3% during the 4th quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after acquiring an additional 976,351 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on LCID shares. Robert W. Baird cut their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Bank of America reduced their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus dropped their target price on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Citigroup reaffirmed a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a report on Monday, April 22nd. Finally, Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.34.

Lucid Group Price Performance

NASDAQ:LCID opened at $2.62 on Thursday. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of -1.87 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The stock has a fifty day moving average of $2.80 and a 200 day moving average of $3.54. Lucid Group, Inc. has a 52-week low of $2.29 and a 52-week high of $8.37.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The firm’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.40) EPS. On average, research analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

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.