Lucid Group Sees Unusually Large Options Volume (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading on Tuesday. Stock traders bought 121,211 call options on the stock. This is an increase of 33% compared to the typical daily volume of 91,434 call options.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Italy S.r.l. bought a new position in shares of Lucid Group during the 3rd quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group in the third quarter valued at $863,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares during the period. Finally, Empowered Funds LLC bought a new position in Lucid Group during the 4th quarter valued at about $301,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LCID has been the subject of a number of research reports. Cowen assumed coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating for the company. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Royal Bank of Canada cut their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Finally, Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

Shares of NASDAQ LCID traded up $0.21 during mid-day trading on Tuesday, hitting $2.37. 147,790,264 shares of the company’s stock traded hands, compared to its average volume of 53,232,344. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The company’s 50-day moving average is $2.72 and its two-hundred day moving average is $2.83. The company has a market capitalization of $7.17 billion, a P/E ratio of -1.76 and a beta of 0.97.

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.