Lucid Group, Inc. (NASDAQ:LCID) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,921 shares of the company’s stock after buying an additional 7,475 shares during the period. CIBC Asset Management Inc’s holdings in Lucid Group were worth $253,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Van ECK Associates Corp lifted its position in Lucid Group by 103.3% in the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after purchasing an additional 633,410 shares during the period. State of New Jersey Common Pension Fund D lifted its position in Lucid Group by 114.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock worth $3,019,000 after purchasing an additional 533,973 shares during the period. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the third quarter worth approximately $3,209,000. Finally, Lecap Asset Management Ltd. acquired a new stake in Lucid Group in the fourth quarter worth approximately $861,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Price Performance

Shares of NASDAQ:LCID opened at $2.61 on Wednesday. The company’s fifty day moving average is $2.99 and its two-hundred day moving average is $2.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43. The company has a market cap of $7.86 billion, a P/E ratio of -1.95 and a beta of 0.93.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LCID. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and cut their target price for the stock from $3.50 to $1.13 in a research report on Monday. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Finally, Benchmark initiated coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus target price of $2.90.

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.