Stifel Financial Corp Sells 156,508 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Stifel Financial Corp lowered its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 17.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 743,160 shares of the company’s stock after selling 156,508 shares during the period. Stifel Financial Corp’s holdings in Lucid Group were worth $2,623,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the period. Bank of New York Mellon Corp boosted its stake in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares in the last quarter. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the third quarter worth $3,209,000. Rhumbline Advisers increased its stake in Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after purchasing an additional 46,997 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.53 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a 50-day moving average of $2.41 and a 200-day moving average of $2.99. Lucid Group, Inc. has a one year low of $1.93 and a one year high of $4.84. The company has a market cap of $7.62 billion, a P/E ratio of -1.89 and a beta of 1.08.

Analysts Set New Price Targets

A number of brokerages recently commented on LCID. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus price target of $3.16.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by insiders.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.