Lucid Group, Inc. (NASDAQ: LCID) is attracting attention from institutional investors, as evidenced by recent disclosures and stock performance. ExodusPoint Capital Management LP has made a notable entry into the electric vehicle market by purchasing 911,380 shares of Lucid Group during the fourth quarter, valued at approximately $2.75 million. This investment highlights the growing interest in the company, which is striving to establish itself in the competitive EV landscape.
In addition to ExodusPoint, several other hedge funds and institutional investors have also taken positions in Lucid Group. Newbridge Financial Services Group Inc. acquired a new stake worth about $28,000, while Proficio Capital Partners LLC and First National Corp MA ADV each purchased shares valued at approximately $31,000 and $32,000, respectively. Citizens Financial Group Inc. RI and Yousif Capital Management LLC also joined the ranks of investors, each acquiring stakes valued at around $32,000. Collectively, institutional investors now own approximately 75.17% of Lucid Group’s stock, indicating strong confidence in the company’s potential.
As Lucid Group continues to navigate the challenges of the electric vehicle market, analysts have been weighing in on the stock’s performance. Cantor Fitzgerald recently reaffirmed a “neutral” rating with a target price of $3.00, while Benchmark maintained a “buy” rating and set a more optimistic target price of $5.00. Conversely, Bank of America downgraded Lucid Group from a “neutral” rating to “underperform,” slashing its target price from $3.00 to $1.00. Morgan Stanley also adjusted its rating, moving from “underweight” to “equal weight” with a target price of $3.00.
The mixed ratings reflect the uncertainty surrounding Lucid Group’s future performance. Currently, two analysts have rated the stock as a sell, nine have assigned a hold rating, and two have issued a buy rating. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Hold” and an average target price of $2.69, suggesting that while there is potential for growth, caution is warranted.
On Tuesday, shares of Lucid Group traded down $0.13, reaching $2.32. The trading volume was significant, with 173,000,566 shares changing hands, far exceeding the average volume of 58,930,839. The stock has experienced volatility over the past year, with a twelve-month low of $1.93 and a high of $4.43. Currently, Lucid Group has a market capitalization of $7.03 billion, a price-to-earnings (P/E) ratio of -1.73, and a beta of 0.88, indicating lower volatility compared to the broader market.
Financial metrics reveal that Lucid Group maintains a strong liquidity position, with a current ratio of 3.71 and a quick ratio of 3.26. These figures suggest that the company is well-positioned to meet its short-term obligations, which is crucial as it continues to ramp up production and sales of its electric vehicles.
As Lucid Group works to solidify its place in the electric vehicle market, the influx of institutional investment and the varied opinions from analysts will play a significant role in shaping the company’s trajectory. Investors will be closely monitoring the company’s performance and market conditions as they assess the potential for growth in this rapidly evolving industry. With a mix of optimism and caution from analysts, Lucid Group remains a stock to watch in the coming months.
