Mitsubishi UFJ Asset Management Co. Ltd. Purchases 138,248 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 13.9% in the fourth quarter, HoldingsChannel reports. The firm owned 1,131,148 shares of the company’s stock after buying an additional 138,248 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Lucid Group were worth $3,721,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of LCID. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group during the 4th quarter worth approximately $28,000. Proficio Capital Partners LLC bought a new position in Lucid Group during the 4th quarter worth $31,000. First National Corp MA ADV acquired a new stake in Lucid Group in the 4th quarter worth about $32,000. Yousif Capital Management LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $32,000. Finally, Citizens Financial Group Inc. RI bought a new stake in shares of Lucid Group during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Trading Up 4.5 %

Shares of LCID opened at $2.53 on Wednesday. The firm’s 50 day simple moving average is $2.59 and its 200 day simple moving average is $2.72. 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 company has a market capitalization of $7.67 billion, a P/E ratio of -1.89 and a beta of 0.97. Lucid Group, Inc. has a 1-year low of $1.93 and a 1-year high of $4.43.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LCID. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Benchmark reaffirmed a “buy” rating and set a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a research report on Tuesday, March 18th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2.69.

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.