The Manufacturers Life Insurance Company Grows Stake in Lucid Group, Inc. (NASDAQ:LCID)

The Manufacturers Life Insurance Company grew its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 2.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 263,401 shares of the company’s stock after purchasing an additional 6,374 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Lucid Group were worth $930,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the 2nd quarter worth $26,000. Accredited Investors Inc. acquired a new position in Lucid Group during the second quarter worth $27,000. Frank Rimerman Advisors LLC raised its position in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in Lucid Group during the second quarter worth about $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted its position in shares of Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $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.

Analyst Ratings Changes

LCID has been the topic of several recent research reports. Royal Bank of Canada decreased their price objective on shares of 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. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Lucid Group has a consensus rating of “Hold” and an average target price of $3.16.

Insider Activity

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 61.26% of the company’s stock.

Lucid Group Stock Performance

Lucid Group stock opened at $2.54 on Friday. The firm has a market capitalization of $7.65 billion, a PE ratio of -1.90 and a beta of 1.09. Lucid Group, Inc. has a one year low of $1.93 and a one year high of $5.31. The stock’s 50 day moving average price is $2.47 and its 200 day moving average price is $2.99. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

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.