Regulatory data revealed that the Norwegian investment fund DNB, which is managed by the largest financial services group in Norway, has doubled its stake in the US electric car maker Lucid Motors, while the investment fund has reduced its positions in two other leading automakers.
Investor Place warned that investors should be more concerned with what this means for the company’s future growth prospects.
Regardless of market volatility, the new investment from DNB is great news for Lucid Motors investors. The company’s stock is up nearly 14% over the past month, but many experts are hesitant about its growth prospects. While analysts from Bank of America Securities and Citibank renewed the credit rating with “retention.”
According to the report, the Norwegian fund reduced its stake in Ford and General Motors during the second quarter of 2023. While it may seem risky to walk away from legacy automakers in favor of a volatile startup, DNB clearly sees Lucid as a major buying opportunity. Although the shares have fallen 22% over the past six months, the fund clearly believes they will rise again.
2023-07-22 11:30:46
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