HUB Investment Partners LLC Increases Position in Lucid Group, Inc. (NASDAQ:LCID)

HUB Investment Partners LLC increased its stake in Lucid Group, Inc. (NASDAQ:LCID) by 58.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,837 shares of the company’s stock after acquiring an additional 7,699 shares during the period. HUB Investment Partners LLC’s holdings in Lucid Group were worth $63,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LCID. Charles Schwab Investment Management Inc. grew 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 acquiring an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. purchased a new position in Lucid Group in the third quarter worth $3,209,000. Van ECK Associates Corp grew 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 acquiring an additional 633,410 shares in the last quarter. State of New Jersey Common Pension Fund D grew 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 acquiring an additional 533,973 shares in the last quarter. Finally, Lecap Asset Management Ltd. purchased a new position in Lucid Group in the fourth quarter worth $861,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Cowen assumed coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating for the company. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and cut their price target for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and cut their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Stifel Nicolaus cut their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Price Performance

LCID stock opened at $2.42 on Friday. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a market cap of $7.34 billion, a P/E ratio of -1.81 and a beta of 0.97. The firm has a 50-day moving average of $2.67 and a 200 day moving average of $2.79. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

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.