US Bancorp DE Lowers Position in Lucid Group, Inc. (NASDAQ:LCID)

US Bancorp DE trimmed its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 88.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,835 shares of the company’s stock after selling 79,025 shares during the quarter. US Bancorp DE’s holdings in Lucid Group were worth $30,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Lucid Group by 3.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company’s stock valued at $8,935,000 after purchasing an additional 85,370 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Lucid Group by 103.3% in the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock valued at $3,764,000 after purchasing an additional 633,410 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Lucid Group by 114.7% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock valued at $3,019,000 after purchasing an additional 533,973 shares during the last quarter. Finally, Point72 Italy S.r.l. purchased a new position in shares of Lucid Group in the 3rd quarter valued at approximately $3,209,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on LCID. Stifel Nicolaus decreased their price objective 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. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Performance

Shares of LCID opened at $2.44 on Thursday. The stock has a 50 day moving average price of $2.70 and a 200 day moving average price of $2.82. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of -1.82 and a beta of 0.97. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43.

About Lucid Group

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.