Lucid Group, Inc. (NASDAQ:LCID) is Public Investment Fund’s Largest Position

Public Investment Fund increased its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 28.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,770,888,684 shares of the company’s stock after buying an additional 396,188,386 shares during the quarter. Lucid Group comprises approximately 20.0% of Public Investment Fund’s portfolio, making the stock its biggest holding. Public Investment Fund owned approximately 58.80% of Lucid Group worth $5,348,084,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in LCID. Vanguard Group Inc. increased its holdings in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Renaissance Technologies LLC increased its stake in Lucid Group by 342.7% during the fourth 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 during the last quarter. Geode Capital Management LLC raised its holdings in shares of Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after purchasing an additional 4,844,782 shares during the period. First Trust Advisors LP lifted its stake in shares of Lucid Group by 51.7% in the 4th quarter. First Trust Advisors LP now owns 10,261,050 shares of the company’s stock valued at $30,988,000 after purchasing an additional 3,495,392 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Lucid Group in the 4th quarter valued at about $9,446,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Trading Up 2.5 %

LCID opened at $2.45 on Friday. The stock has a market capitalization of $7.43 billion, a PE ratio of -1.83 and a beta of 0.88. 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 12-month low of $1.93 and a 12-month high of $4.43. The firm’s fifty day moving average price is $2.41 and its 200 day moving average price is $2.60.

Analyst Upgrades and Downgrades

LCID has been the topic of several research reports. Robert W. Baird raised their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a “neutral” rating in a report on Monday. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, April 3rd. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. Finally, Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average 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.