Nuveen Asset Management LLC Grows Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Nuveen Asset Management LLC increased its stake in Lucid Group, Inc. (NASDAQ:LCID) by 27.7% in Q4, owning 3,243,463 shares valued at $9.8 million. Other hedge funds also raised their positions. Lucid's stock opened at $2.64, with a market cap of $8.05 billion. The company reported a loss of $0.24 EPS, missing estimates, and had revenue of $235.05 million. Analysts have mixed ratings on the stock, with a consensus hold rating and a price target of $2.68.

Nuveen Asset Management LLC raised its position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 27.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,243,463 shares of the company's stock after acquiring an additional 703,811 shares during the quarter. Nuveen Asset Management LLC owned 0.11% of Lucid Group worth $9,795,000 at the end of the most recent quarter.

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A number of other hedge funds also recently made changes to their positions in LCID. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Lucid Group by 43.8% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company's stock valued at $43,000 after buying an additional 4,296 shares during the period. Sei Investments Co. lifted its holdings in Lucid Group by 14.0% in the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company's stock worth $109,000 after acquiring an additional 4,431 shares during the last quarter. Voya Investment Management LLC boosted its stake in Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock valued at $363,000 after acquiring an additional 4,591 shares during the period. Alpine Global Management LLC grew its holdings in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after purchasing an additional 4,653 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Lucid Group by 1.9% in the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock worth $818,000 after purchasing an additional 5,022 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Stock Performance

Shares of LCID opened at $2.64 on Wednesday. The firm has a market cap of $8.05 billion, a price-to-earnings ratio of -1.97 and a beta of 0.88. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $4.43. The company's fifty day moving average is $2.49 and its 200-day moving average is $2.58. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

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Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. During the same period last year, the business earned ($0.27) EPS. The business's quarterly revenue was up 36.1% compared to the same quarter last year. Equities analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Analysts Set New Price Targets

LCID has been the subject of several research analyst reports. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Robert W. Baird raised their target price on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Finally, Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and dropped their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $2.68.

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About Lucid Group

(Free Report)

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.

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