Lucid Group, Inc. $LCID Shares Sold by Arizona State Retirement System

Arizona State Retirement System lowered its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 89.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,019 shares of the company’s stock after selling 319,886 shares during the period. Arizona State Retirement System’s holdings in Lucid Group were worth $857,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in Lucid Group during the 3rd quarter worth about $2,248,000. Lecap Asset Management Ltd. purchased a new position in shares of Lucid Group in the 3rd quarter valued at about $780,000. Sapient Capital LLC acquired a new stake in shares of Lucid Group during the 3rd quarter worth about $287,000. Johnson & White Wealth Management LLC purchased a new stake in Lucid Group during the third quarter worth approximately $238,000. Finally, Corient Private Wealth LLC boosted its holdings in Lucid Group by 48.1% in the second quarter. Corient Private Wealth LLC now owns 125,811 shares of the company’s stock valued at $265,000 after purchasing an additional 40,873 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research analyst reports. Royal Bank Of Canada cut their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Stifel Nicolaus reduced their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Up 14.0%

Shares of NASDAQ:LCID opened at $10.86 on Monday. Lucid Group, Inc. has a 1-year low of $9.50 and a 1-year high of $35.90. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The stock has a market cap of $3.52 billion, a P/E ratio of -1.01 and a beta of 1.16. The firm has a fifty day moving average price of $11.43 and a 200 day moving average price of $17.22.

Lucid Group Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.