Lucid Group, Inc. (NASDAQ:LCID) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in Lucid Group, Inc. (NASDAQ:LCID) by 31.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 465,628 shares of the company’s stock after selling 210,681 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Lucid Group were worth $1,644,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LCID. US Bancorp DE boosted its holdings in shares of Lucid Group by 7.6% during the first quarter. US Bancorp DE now owns 138,388 shares of the company’s stock worth $394,000 after purchasing an additional 9,739 shares during the last quarter. Vanguard Group Inc. raised its stake in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after buying an additional 489,187 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Pitcairn Co. lifted its position in shares of Lucid Group by 139.3% in the 1st quarter. Pitcairn Co. now owns 46,736 shares of the company’s stock worth $133,000 after buying an additional 27,205 shares during the last quarter. Finally, EP Wealth Advisors LLC lifted its holdings in Lucid Group by 47.8% in the first quarter. EP Wealth Advisors LLC now owns 32,729 shares of the company’s stock worth $93,000 after acquiring an additional 10,585 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Trading Up 6.5 %

Lucid Group stock opened at $2.14 on Tuesday. The business’s 50-day simple moving average is $2.97 and its 200-day simple moving average is $3.07. Lucid Group, Inc. has a 52 week low of $1.93 and a 52 week high of $5.31. The firm has a market capitalization of $5.00 billion, a PE ratio of -1.60 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Analysts Set New Price Targets

LCID has been the subject of several recent analyst reports. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $3.27.

Insiders Place Their Bets

In related news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 61.26% of the company’s stock.

Lucid Group Company 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.