Prakash Investment Advisors LLC Purchases Shares of 30,330 Lucid Group, Inc. (NASDAQ:LCID)

Prakash Investment Advisors LLC purchased a new stake in Lucid Group, Inc. (NASDAQ:LCID) in the 4th quarter, Holdings Channel reports. The firm purchased 30,330 shares of the company’s stock, valued at approximately $92,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the 3rd quarter valued at about $3,209,000. Main Management ETF Advisors LLC acquired a new position in shares of Lucid Group in the 3rd quarter valued at about $863,000. Charles Schwab Investment Management Inc. lifted its stake 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 in the last quarter. CWM LLC lifted its stake in shares of Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after purchasing an additional 6,771 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock valued at $771,000 after purchasing an additional 249,500 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 several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Finally, Benchmark began coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $3.24.

Lucid Group Stock Performance

Shares of LCID opened at $3.31 on Friday. The business’s 50 day moving average is $2.98 and its two-hundred day moving average is $2.98. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43. The firm has a market cap of $9.97 billion, a price-to-earnings ratio of -2.47 and a beta of 0.93. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

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.