5 Best IPO Stocks to Invest In Right Now

4. Lucid Group, Inc. (NASDAQ:LCID)

Number of Hedge Fund Holders: 16

Lucid Group, Inc. (NASDAQ:LCID) is an American electric car manufacturer that is headquartered in Newark, California. The company is one of the few American electric vehicle companies that have a product available for purchase on the market, and it operates through 20 retail studios in the country.

Even as Lucid Group, Inc. (NASDAQ:LCID) cut its production estimates for the second time at Q2 2022 end, the firm’s strong balance sheet with a cash balance of $4.57 billion will ensure that it will meet its production commitments even though they might take longer than hoped. Its latest quarter also saw the automaker report 37,000 reservations, which was above most predictions and indicated a strong demand for its vehicles. Lucid Group, Inc. (NASDAQ:LCID) listed its shares on the stock market in January 2021, and since then the stock has grown by 55%.

Insider Monkey scanned 895 hedge fund investment portfolios for this year’s second quarter to discover that 16 had bought Lucid Group, Inc. (NASDAQ:LCID)’s shares.