PNC Financial Services Group Inc. Sells 51,336 Shares of Lucid Group, Inc. (NASDAQ:LCID)

PNC Financial Services Group Inc. lowered its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 72.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,803 shares of the company’s stock after selling 51,336 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Lucid Group were worth $60,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC bought a new position in Lucid Group during the third quarter worth $863,000. Charles Schwab Investment Management Inc. grew its holdings 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. Nisa Investment Advisors LLC grew its holdings in Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares during the period. Finally, Empowered Funds LLC bought a new stake in Lucid Group in the fourth quarter valued at $301,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of Lucid Group stock opened at $2.36 on Thursday. The business’s fifty day simple moving average is $2.64 and its 200 day simple moving average is $2.77. The company has a current ratio of 3.71, a quick ratio of 3.26 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 firm has a market capitalization of $7.15 billion, a P/E ratio of -1.76 and a beta of 0.97.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Benchmark reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. TD Cowen started coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.69.

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.