Summit Securities Group LLC Makes New $53,000 Investment in Lucid Group, Inc. (NASDAQ:LCID)

Summit Securities Group LLC purchased a new stake in Lucid Group, Inc. (NASDAQ:LCID) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,442 shares of the company’s stock, valued at approximately $53,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Pine Valley Investments Ltd Liability Co boosted its holdings in 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 buying an additional 3,816 shares during the last quarter. Sei Investments Co. raised its position in shares of Lucid Group by 14.0% in the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after acquiring an additional 4,431 shares during the period. Arizona State Retirement System boosted 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 acquiring an additional 5,022 shares during the last quarter. GAMMA Investing LLC grew its holdings in 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 purchasing an additional 5,031 shares during the period. Finally, SG Americas Securities LLC increased its stake 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 in the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Trading Down 4.1 %

Lucid Group stock opened at $2.32 on Monday. The company has a market cap of $7.03 billion, a price-to-earnings ratio of -1.73 and a beta of 0.97. The firm has a 50-day moving average of $2.61 and a 200-day moving average of $2.74. 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 one year low of $1.93 and a one year high of $4.43.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on LCID shares. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Friday. Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating for the company. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and an average target price 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.