Advisors Asset Management Inc. Cuts Stake in Lucid Group, Inc. (NASDAQ:LCID)

Advisors Asset Management Inc. lowered its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 33.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,783 shares of the company’s stock after selling 24,738 shares during the period. Advisors Asset Management Inc.’s holdings in Lucid Group were worth $176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Lucid Group by 946.6% in the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after purchasing an additional 474,534 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after purchasing an additional 238,628 shares in the last quarter. Caprock Group LLC bought a new stake in Lucid Group in the second quarter worth $461,000. Finally, SG Americas Securities LLC purchased a new stake in Lucid Group during the third quarter valued at $537,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 61.26% of the company’s stock.

Analysts Set New Price Targets

LCID has been the subject of a number of recent research reports. Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

Shares of LCID stock opened at $2.18 on Friday. The stock has a 50 day moving average price of $2.71 and a 200 day moving average price of $3.03. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $5.31. 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 firm has a market capitalization of $6.57 billion, a P/E ratio of -1.63 and a beta of 1.11.

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.