KBC Group NV has significantly reduced its holdings in Lucid Group, Inc. (NASDAQ: LCID), selling 14,742 shares during the second quarter of 2023. This move has decreased the firm’s position by 27.5%, leaving it with a total of 38,916 shares in the electric vehicle manufacturer. As of the latest filing with the Securities and Exchange Commission, KBC Group’s stake in Lucid Group is valued at approximately $82,000.
Several other institutional investors have also adjusted their positions in Lucid Group recently. Notably, Nuveen LLC established a new stake during the first quarter, investing around $8,226,000. Meanwhile, Goldman Sachs Group Inc. increased its stake by an impressive 112.0%, acquiring an additional 2,874,603 shares to bring its total to 5,440,620 shares, worth approximately $13,166,000. Other firms such as Woodline Partners LP and Portman Square Capital LLP also made notable investments in the company.
As of now, institutional investors collectively hold about 75.17% of Lucid Group’s stock. The company’s shares opened at $12.30 on Monday, with a market capitalization of $3.99 billion. Lucid Group’s financial metrics indicate a current ratio of 1.81, a quick ratio of 1.34, and a debt-to-equity ratio of 1.19. The stock has fluctuated between a 12-month low of $11.46 and a high of $36.40, with a 50-day moving average of $19.33 and a 200-day moving average of $21.80.
Analysts Weigh in on Lucid Group
Lucid Group has attracted attention from various financial analysts. A recent report from Weiss Ratings maintained a “sell (e+)” rating on the stock. In contrast, Morgan Stanley raised its price target to $30.00 and assigned an “equal weight” rating in a report dated September 2, 2023. Additionally, Cantor Fitzgerald reiterated an “overweight” rating, while Stifel Nicolaus lowered its target price from $21.00 to $17.00 and set a “hold” rating.
Currently, two analysts have given Lucid Group a Buy rating, six have assigned a Hold rating, and three have issued a Sell rating, according to data from MarketBeat.com. The consensus rating for the stock is categorized as “Reduce,” with an average target price of $24.04.
About Lucid Group
Lucid Group, Inc. is a technology company focused on the design, engineering, manufacturing, and sale of electric vehicles (EVs), EV powertrains, and battery systems. The company also develops proprietary software for its vehicles and sells them directly to consumers through its retail network and online sales platform, which includes Lucid Financial Services.
For those interested in keeping up with the latest news and analysis related to Lucid Group, subscriptions to daily updates are available through platforms like MarketBeat.com.
