Quantessence Capital LLC Invests $272,000 in Lucid Group, Inc. (NASDAQ:LCID)

Quantessence Capital LLC acquired a new stake in shares of Lucid Group, Inc. (NASDAQ:LCID) in the fourth quarter, Holdings Channel reports. The firm acquired 90,074 shares of the company’s stock, valued at approximately $272,000.

Several other large investors also recently added to or reduced their stakes in LCID. Vanguard Group Inc. raised its stake in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after acquiring an additional 26,172,852 shares in the last quarter. Geode Capital Management LLC raised its position in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after purchasing an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC raised its position in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Lucid Group by 51.7% in the 4th quarter. First Trust Advisors LP now owns 10,261,050 shares of the company’s stock worth $30,988,000 after buying an additional 3,495,392 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company’s stock worth $19,919,000 after buying an additional 1,499,034 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on LCID shares. Cowen assumed coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating for the company. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Stifel Nicolaus cut their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, April 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.68.

Lucid Group Price Performance

Shares of NASDAQ LCID opened at $2.33 on Wednesday. Lucid Group, Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The company has a market cap of $7.06 billion, a PE ratio of -1.74 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The business has a 50-day simple moving average of $2.45 and a two-hundred day simple moving average of $2.60.

Lucid Group Company 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.