Treasurer of the State of North Carolina Raises Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Treasurer of the State of North Carolina boosted its stake in Lucid Group, Inc. (NASDAQ:LCID) by 12.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 434,671 shares of the company’s stock after purchasing an additional 46,855 shares during the period. Treasurer of the State of North Carolina’s holdings in Lucid Group were worth $1,313,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in LCID. DRW Securities LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at about $31,000. Raymond James Financial Inc. purchased a new stake in shares of Lucid Group during the fourth quarter valued at approximately $780,000. Renaissance Technologies LLC boosted its stake in shares of Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after purchasing an additional 12,803,987 shares during the period. Krane Funds Advisors LLC grew its holdings in Lucid Group by 53.0% during the 4th quarter. Krane Funds Advisors LLC now owns 782,309 shares of the company’s stock valued at $2,363,000 after purchasing an additional 271,031 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Lucid Group by 1,695.9% in the 4th quarter. Federated Hermes Inc. now owns 31,410 shares of the company’s stock worth $95,000 after buying an additional 29,661 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Trading Up 3.0 %

Lucid Group stock opened at $2.38 on Friday. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The firm’s 50-day moving average is $2.49 and its 200-day moving average is $2.63. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market cap of $7.21 billion, a P/E ratio of -1.78 and a beta of 0.88.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LCID. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $3.50 to $1.13 in a report on Monday, February 24th. TD Cowen began coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 target price for the company. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.