State of New Jersey Common Pension Fund D Decreases Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

State of New Jersey Common Pension Fund D reduced its position in Lucid Group, Inc. (NASDAQ:LCID) by 31.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 institutional investors and hedge funds also recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC acquired a new position in Lucid Group during the second quarter worth about $26,000. Accredited Investors Inc. purchased a new stake in shares of Lucid Group in the second quarter valued at approximately $27,000. Frank Rimerman Advisors LLC increased its holdings in shares of Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares during the last quarter. QRG Capital Management Inc. acquired a new position in Lucid Group during the second quarter worth $34,000. Finally, Pine Valley Investments Ltd Liability Co grew its holdings in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LCID. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. R. F. Lafferty raised 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. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $3.27.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Lucid Group Stock Performance

Shares of Lucid Group stock opened at $2.14 on Tuesday. The business has a 50-day moving average of $2.97 and a 200 day moving average of $3.07. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $5.31. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of -1.60 and a beta of 1.11. 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 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.