State Board of Administration of Florida Retirement System Boosts Holdings in Lucid Group, Inc. (NASDAQ:LCID)

State Board of Administration of Florida Retirement System raised its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 6.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 481,779 shares of the company’s stock after purchasing an additional 29,450 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Lucid Group were worth $3,874,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. 1832 Asset Management L.P. purchased a new position in Lucid Group during the first quarter valued at $25,000. First Manhattan Co. lifted its holdings in Lucid Group by 666.7% during the first quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares in the last quarter. Twin Tree Management LP purchased a new position in Lucid Group during the first quarter valued at $35,000. Harvest Fund Management Co. Ltd lifted its stake in shares of Lucid Group by 103.3% in the first quarter. Harvest Fund Management Co. Ltd now owns 4,789 shares of the company’s stock worth $38,000 after buying an additional 2,433 shares in the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Lucid Group in the first quarter worth about $41,000.

Lucid Group Price Performance

Shares of LCID opened at $5.64 on Tuesday. Lucid Group, Inc. has a 1-year low of $5.46 and a 1-year high of $17.81. The stock has a market cap of $12.87 billion, a PE ratio of -3.74 and a beta of 1.05. The firm has a 50-day simple moving average of $6.57 and a two-hundred day simple moving average of $7.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 7.07 and a quick ratio of 6.11.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Monday, August 7th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.05). Lucid Group had a negative net margin of 337.97% and a negative return on equity of 64.02%. The company had revenue of $150.90 million for the quarter, compared to analyst estimates of $181.58 million. During the same quarter in the prior year, the business earned ($0.33) earnings per share. Lucid Group’s revenue was up 55.1% on a year-over-year basis. As a group, analysts forecast that Lucid Group, Inc. will post -1.51 EPS for the current year.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 265,693,703 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The stock was purchased at an average price of $6.83 per share, for a total transaction of $1,814,687,991.49. Following the completion of the acquisition, the director now owns 1,366,658,905 shares of the company’s stock, valued at approximately $9,334,280,321.15. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Public Investment Fund purchased 265,693,703 shares of the stock in a transaction on Thursday, June 22nd. The stock was bought at an average price of $6.83 per share, for a total transaction of $1,814,687,991.49. Following the acquisition, the director now directly owns 1,366,658,905 shares of the company’s stock, valued at approximately $9,334,280,321.15. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Bell sold 46,735 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $6.01, for a total transaction of $280,877.35. Following the transaction, the senior vice president now owns 1,437,293 shares of the company’s stock, valued at approximately $8,638,130.93. The disclosure for this sale can be found here. Company insiders own 62.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. BNP Paribas downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $6.50 to $5.00 in a research note on Friday, August 11th. Royal Bank of Canada assumed coverage on shares of Lucid Group in a research note on Friday, September 8th. They issued a “sector perform” rating and a $6.00 price target on the stock. Bank of America assumed coverage on shares of Lucid Group in a research note on Monday, July 17th. They issued a “neutral” rating and a $8.00 price target on the stock. Needham & Company LLC decreased their price target on shares of Lucid Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. Finally, Citigroup reduced their target price on shares of Lucid Group from $8.00 to $7.50 and set a “neutral” rating on the stock in a research note on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Lucid Group has a consensus rating of “Hold” and an average target price of $8.15.

Lucid Group Profile

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.