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

Arizona State Retirement System reduced its stake in Lucid Group, Inc. (NASDAQ:LCID) by 89.9% during the 3rd quarter, HoldingsChannel reports. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of LCID. Geode Capital Management LLC grew its position in Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after buying an additional 1,554,419 shares during the last quarter. Marshall Wace LLP raised its position in Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after buying an additional 12,146,136 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the period. Norges Bank acquired a new stake in shares of Lucid Group in the 2nd quarter worth $16,469,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada dropped their price target on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Robert W. Baird set a $14.00 price target on Lucid Group in a report on Tuesday, January 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Price Performance

Shares of NASDAQ:LCID opened at $10.86 on Monday. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of -1.01 and a beta of 1.16. 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 business’s 50 day simple moving average is $11.43 and its 200-day simple moving average is $17.22. Lucid Group, Inc. has a 12 month low of $9.50 and a 12 month high of $35.90.

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.