Pictet Asset Management SA grew its stake in Lucid Group, Inc. (NASDAQ:LCID – Get Rating) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 134,825 shares of the company’s stock after purchasing an additional 3,240 shares during the period. Pictet Asset Management SA’s holdings in Lucid Group were worth $1,883,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. US Bancorp DE boosted its position in Lucid Group by 67.6% in the first quarter. US Bancorp DE now owns 14,017 shares of the company’s stock valued at $356,000 after buying an additional 5,654 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Lucid Group by 16.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock valued at $482,000 after acquiring an additional 2,661 shares in the last quarter. Panagora Asset Management Inc. bought a new stake in Lucid Group during the 1st quarter worth $383,000. BlackRock Inc. increased its holdings in Lucid Group by 23.7% in the 1st quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after purchasing an additional 2,990,659 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Lucid Group in the first quarter valued at about $400,000.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on LCID shares. Morgan Stanley reduced their price target on Lucid Group from $10.00 to $5.00 and set an “underweight” rating on the stock in a report on Wednesday, January 25th. R. F. Lafferty dropped their price target on shares of Lucid Group from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday. Cantor Fitzgerald reduced their price objective on shares of Lucid Group from $18.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday. Citigroup initiated coverage on Lucid Group in a report on Sunday, January 22nd. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Bank of America downgraded Lucid Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $18.00 to $10.00 in a report on Thursday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.57.
Lucid Group Stock Performance
Insider Activity at Lucid Group
In other Lucid Group news, SVP Michael Bell sold 12,574 shares of Lucid Group stock in a transaction that occurred on Wednesday, December 7th. The stock was sold at an average price of $8.57, for a total value of $107,759.18. Following the completion of the sale, the senior vice president now directly owns 1,261,950 shares in the company, valued at $10,814,911.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Public Investment Fund acquired 85,712,679 shares of the business’s stock in a transaction dated Thursday, December 22nd. The shares were bought at an average price of $10.68 per share, with a total value of $915,411,411.72. Following the transaction, the director now directly owns 1,100,965,202 shares of the company’s stock, valued at $11,758,308,357.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Michael Bell sold 12,574 shares of the business’s stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of $8.57, for a total value of $107,759.18. Following the completion of the sale, the senior vice president now directly owns 1,261,950 shares of the company’s stock, valued at $10,814,911.50. The disclosure for this sale can be found here. 62.50% of the stock is owned by corporate insiders.
Lucid Group Company Profile
Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.
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