New York State Common Retirement Fund Has $1.44 Million Stock Holdings in Lucid Group, Inc. $LCID

New York State Common Retirement Fund lowered its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 90.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,322 shares of the company’s stock after selling 542,916 shares during the period. New York State Common Retirement Fund’s holdings in Lucid Group were worth $1,435,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Marshall Wace LLP grew its position in shares of Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after buying an additional 12,146,136 shares during the last quarter. Norges Bank bought a new position in shares of Lucid Group during the second quarter valued at about $16,469,000. Linden Advisors LP purchased a new stake in shares of Lucid Group during the second quarter valued at approximately $9,885,000. Marex Group plc bought a new position in Lucid Group during the second quarter valued at about $7,613,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Trading Up 2.1%

Lucid Group stock opened at $11.09 on Tuesday. The business’s fifty day simple moving average is $11.40 and its two-hundred day simple moving average is $17.10. Lucid Group, Inc. has a 12 month low of $9.50 and a 12 month high of $35.90. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -1.04 and a beta of 1.16. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LCID. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Stifel Nicolaus cut their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the company from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $18.92.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.