Lucid Group, Inc. (NASDAQ:LCID) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 10.7% in the third quarter, Holdings Channel reports. The institutional investor owned 58,911 shares of the company’s stock after selling 7,093 shares during the quarter. Principal Financial Group Inc.’s holdings in Lucid Group were worth $208,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in LCID. Pine Valley Investments Ltd Liability Co raised its position in Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 shares during the period. Greenleaf Trust boosted its stake in Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after buying an additional 4,604 shares during the period. Amalgamated Bank increased its position in shares of Lucid Group by 12.5% during the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after acquiring an additional 5,337 shares during the last quarter. Xponance Inc. raised its stake in shares of Lucid Group by 20.8% in the 2nd quarter. Xponance Inc. now owns 31,938 shares of the company’s stock valued at $83,000 after acquiring an additional 5,493 shares during the period. Finally, EP Wealth Advisors LLC boosted its position in shares of Lucid Group by 17.4% during the 2nd quarter. EP Wealth Advisors LLC now owns 38,431 shares of the company’s stock worth $100,000 after purchasing an additional 5,702 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

LCID has been the topic of a number of research analyst reports. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada cut their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.16.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Lucid Group Trading Up 3.3 %

NASDAQ LCID opened at $2.17 on Tuesday. Lucid Group, Inc. has a 52 week low of $1.93 and a 52 week high of $5.31. The firm has a 50 day moving average of $2.80 and a two-hundred day moving average of $3.04. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $6.54 billion, a PE ratio of -1.62 and a beta of 1.11.

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.