Empowered Funds LLC Buys New Shares in Lucid Group, Inc. (NASDAQ:LCID)

Empowered Funds LLC bought a new position in Lucid Group, Inc. (NASDAQ:LCID) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 99,592 shares of the company’s stock, valued at approximately $301,000.

Several other hedge funds have also added to or reduced their stakes in LCID. CWM LLC increased its holdings in shares of Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after buying an additional 6,771 shares during the period. Creative Planning boosted its holdings in Lucid Group by 54.3% during the 3rd quarter. Creative Planning now owns 224,031 shares of the company’s stock valued at $791,000 after acquiring an additional 78,839 shares during the period. Bleakley Financial Group LLC bought a new position in Lucid Group during the 3rd quarter worth approximately $49,000. Signaturefd LLC increased its stake in Lucid Group by 39.8% in the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after purchasing an additional 10,383 shares during the period. Finally, Waldron Private Wealth LLC bought a new stake in Lucid Group in the third quarter valued at approximately $49,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Stock Performance

Lucid Group stock opened at $3.31 on Friday. Lucid Group, Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The stock’s 50 day simple moving average is $2.98 and its two-hundred day simple moving average is $2.98. 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 stock has a market cap of $9.97 billion, a price-to-earnings ratio of -2.47 and a beta of 0.93.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a report on Monday, November 11th. Royal Bank of Canada cut their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Benchmark initiated coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective for the company. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.24.

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.