5 EV Stocks to Buy as Tesla’s Market Share Declines

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In this article, we discuss 5 EV stocks to buy as Tesla’s market share declines. If you want to see more stocks in this list, click 10 EV Stocks to Buy as Tesla’s Market Share Declines

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

Number of Hedge Fund Holders: 16

Lucid Group, Inc. (NASDAQ:LCID) is a California-based automotive company that designs and builds electric vehicles, EV powertrains, and battery systems. On June 24, the company announced the official opening of its first retail location in Seattle, which marks the firm’s 28th studio and service center location in North America. 

On May 9, Citi analyst Itay Michaeli reaffirmed a Buy rating on Lucid Group, Inc. (NASDAQ:LCID) and lowered the price target on the stock to $36 from $45. There were no major surprises in Lucid Group, Inc. (NASDAQ:LCID)’s Q1 results and the company posted a “fairly encouraging update”, the analyst told investors in a research note.

According to Insider Monkey’s Q1 data, 16 hedge funds were bullish on Lucid Group, Inc. (NASDAQ:LCID), up from 14 funds in the earlier quarter. The total stakes in the March 2022 quarter increased to $159 million from approximately $149 million in Q4 2021. 

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