Principal Financial Group Inc. Reduces Position in Lucid Group, Inc. (NASDAQ:LCID)

Principal Financial Group Inc. decreased its position in Lucid Group, Inc. (NASDAQ:LCID) by 10.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,911 shares of the company’s stock after selling 7,093 shares during the period. Principal Financial Group Inc.’s holdings in Lucid Group were worth $208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in LCID. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group during the second quarter worth about $26,000. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the second quarter worth $27,000. Frank Rimerman Advisors LLC grew its position in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. QRG Capital Management Inc. purchased a new stake in shares of Lucid Group in the second quarter worth about $34,000. Finally, Pine Valley Investments Ltd Liability Co grew its holdings in Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of NASDAQ:LCID opened at $2.17 on Tuesday. 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 1 year low of $1.93 and a 1 year high of $5.31. The firm has a market capitalization of $6.54 billion, a PE ratio of -1.62 and a beta of 1.11. The business’s 50 day moving average price is $2.80 and its 200-day moving average price is $3.04.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of analyst reports. Royal Bank of Canada decreased their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $3.16.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was 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 owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 61.26% of the stock is currently owned by insiders.

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.