Principal Financial Group Inc. Decreases Position in Lucid Group, Inc. (NASDAQ:LCID)

Principal Financial Group Inc. lessened its stake in Lucid Group, Inc. (NASDAQ:LCID) by 10.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 58,911 shares of the company’s stock after selling 7,093 shares during the quarter. Principal Financial Group Inc.’s holdings in Lucid Group were worth $208,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group in the third quarter worth $863,000. Charles Schwab Investment Management Inc. boosted its stake in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after buying an additional 2,335,452 shares during the period. CWM LLC grew its position in Lucid Group by 24.6% during 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 in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Lucid Group by 2.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

NASDAQ LCID opened at $3.33 on Tuesday. The company has a 50-day simple moving average of $2.48 and a two-hundred day simple moving average of $3.03. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of -2.49 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction 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 trade represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 61.26% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on LCID shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. R. F. Lafferty upgraded shares of 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. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Finally, Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.16.

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.