Wed Sep 25 07:56:57 UTC 2024: ## State of New Jersey Pension Fund Dumps Lucid Group Shares

**Newark, NJ – September 25th, 2024** – The State of New Jersey Common Pension Fund D has significantly reduced its holdings in electric vehicle manufacturer Lucid Group, Inc. (NASDAQ: LCID) during the second quarter. The fund sold off 23.6% of its shares, leaving it with 676,309 shares valued at $1,765,000.

This move comes amidst mixed signals from other institutional investors. While some, like Vanguard Group Inc. and Healthcare of Ontario Pension Plan Trust Fund, increased their holdings in Lucid Group, others, including Bank of New York Mellon Corp, adjusted their positions. Janus Henderson Group PLC saw a dramatic increase in its holdings, acquiring a stake worth $1,493,000.

However, the recent sell-off by the New Jersey Pension Fund raises eyebrows, especially considering the overall positive sentiment towards Lucid Group in the market. Institutional investors currently own 75.17% of the company’s stock.

Further fueling speculation is the recent sale of 89,959 shares by Lucid Group SVP Eric Bach. The transaction, worth $282,471.26, resulted in Bach holding 2,028,268 shares, valued at approximately $6,368,761.52.

Lucid Group has faced challenges in recent months, including a miss on analysts’ earnings expectations in the second quarter. Despite this, the company’s revenue grew by 32.9% compared to the same period last year.

Analysts are currently predicting a -1.22 EPS for the current fiscal year.

While Lucid Group’s stock has experienced volatility in recent times, it opened at $3.56 on Wednesday. It remains to be seen if the New Jersey Pension Fund’s decision to divest its holdings is a sign of concern or merely a strategic move.

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