Quantinno Capital Management LP Raises Position in Lucid Group, Inc. $LCID

Quantinno Capital Management LP grew its stake in Lucid Group, Inc. (NASDAQ:LCID) by 246.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 202,651 shares of the company’s stock after purchasing an additional 144,089 shares during the quarter. Quantinno Capital Management LP owned approximately 0.05% of Lucid Group worth $1,931,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of LCID. SummitTX Capital L.P. bought a new stake in Lucid Group during the first quarter worth $110,000. Lazard Asset Management LLC lifted its stake in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after acquiring an additional 200,604 shares in the last quarter. Piar LLC boosted its holdings in Lucid Group by 304.9% during the 1st quarter. Piar LLC now owns 61,139 shares of the company’s stock worth $583,000 after acquiring an additional 46,039 shares during the last quarter. Meeder Advisory Services Inc. purchased a new position in Lucid Group during the 1st quarter worth $98,000. Finally, Wealthfront Advisers LLC grew its stake in shares of Lucid Group by 17.2% in the 1st quarter. Wealthfront Advisers LLC now owns 40,084 shares of the company’s stock worth $382,000 after acquiring an additional 5,884 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Evercore set a $6.00 price target on shares of Lucid Group in a research report on Monday, May 11th. William Blair downgraded shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. TD Cowen decreased their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Lucid Group presently has an average rating of “Reduce” and a consensus target price of $9.56.

Lucid Group Trading Up 1.4%

Shares of Lucid Group stock opened at $6.70 on Wednesday. The firm has a market cap of $2.61 billion, a PE ratio of -0.49 and a beta of 0.83. Lucid Group, Inc. has a 1 year low of $2.37 and a 1 year high of $25.23. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. The stock has a fifty day moving average price of $6.15 and a 200-day moving average price of $7.82.

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.