Everence Capital Management Inc. Acquires New Stake in Lucid Group, Inc. (NASDAQ:LCID)

Everence Capital Management Inc. bought a new position in Lucid Group, Inc. (NASDAQ:LCID) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 49,930 shares of the company’s stock, valued at approximately $151,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in Lucid Group during the second quarter valued at approximately $26,000. Frank Rimerman Advisors LLC increased its stake in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares in the last quarter. GAMMA Investing LLC raised its holdings in Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares during the period. Crumly & Associates Inc. purchased a new position in Lucid Group during the third quarter valued at $38,000. Finally, Latko Wealth Management Ltd. purchased a new stake in Lucid Group in the third quarter worth about $39,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 6.3 %

Shares of NASDAQ LCID opened at $2.98 on Friday. The stock has a market capitalization of $8.97 billion, a PE ratio of -2.22 and a beta of 0.94. 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 stock’s fifty day simple moving average is $2.52 and its two-hundred day simple moving average is $3.03.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 61.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

LCID has been the subject of several analyst reports. Royal Bank of Canada reduced their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Tuesday. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group 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.