Lucid Group, Inc. (NASDAQ: LCID) has recently attracted significant attention from institutional investors, with Raymond James Financial Inc. acquiring a new stake in the electric vehicle manufacturer during the fourth quarter. According to the firm’s latest 13F filing with the Securities and Exchange Commission, Raymond James purchased 258,416 shares valued at approximately $780,000. This move reflects growing interest in Lucid Group as it navigates the competitive landscape of the EV market.
The trend of institutional investment in Lucid Group is not isolated. Several other hedge funds and institutional investors have also increased their stakes in the company. Notably, Charles Schwab Investment Management Inc. raised its position by an impressive 84.6% during the third quarter, now holding 5,096,667 shares worth about $17.99 million after acquiring an additional 2,335,452 shares. The Manufacturers Life Insurance Company also increased its holdings by 2.5%, bringing its total to 263,401 shares valued at $930,000.
FMR LLC and Townsquare Capital LLC have also made notable investments, with FMR LLC increasing its stake by 47.5% to own 149,987 shares worth $529,000. Meanwhile, Rockefeller Capital Management L.P. grew its holdings by 43.6%, now owning 117,764 shares valued at $416,000. Collectively, institutional investors now own approximately 75.17% of Lucid Group’s stock, indicating strong confidence in the company’s potential.
In terms of stock performance, shares of Lucid Group traded up $0.17 on Monday, reaching $2.45. The trading volume was substantial, with 173,738,590 shares changing hands, significantly higher than the average volume of 58,309,773 shares. The company has a market capitalization of $7.43 billion, a debt-to-equity ratio of 0.77, and a price-to-earnings ratio of -1.83. Lucid Group’s stock has seen a 52-week low of $1.93 and a high of $4.43, reflecting the volatility often associated with emerging EV manufacturers.
Analysts have been actively evaluating Lucid Group, resulting in a range of price targets and ratings. Stifel Nicolaus recently lowered its target price from $3.50 to $3.00 while maintaining a “hold” rating. TD Cowen initiated coverage with a “hold” rating and a price objective of $2.30. Needham & Company LLC also reiterated a “hold” rating, while Morgan Stanley upgraded Lucid from an “underweight” to an “equal weight” rating, setting a price target of $3.00.
Benchmark, on the other hand, remains optimistic, reiterating a “buy” rating and issuing a price target of $5.00. Overall, the consensus among analysts is mixed, with two rating the stock as a sell, nine as a hold, and two as a buy. According to MarketBeat, Lucid Group currently holds an average rating of “Hold” with a consensus price target of $2.69.
As Lucid Group continues to expand its footprint in the electric vehicle market, the influx of institutional investment signals confidence in its long-term potential. However, the mixed ratings from analysts highlight the challenges the company faces in a competitive landscape dominated by established players and emerging rivals. Investors will be closely monitoring Lucid Group’s performance and strategic initiatives as it seeks to carve out a significant share of the growing EV market.
In conclusion, Lucid Group’s recent developments reflect a complex interplay of institutional interest and cautious analyst sentiment. As the company navigates the evolving electric vehicle landscape, its ability to execute on its vision and deliver results will be critical in determining its future trajectory.
