Investors Purchase High Volume of Lucid Group Call Options (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) was the target of some unusual options trading on Monday. Investors bought 116,579 call options on the stock. This is an increase of approximately 58% compared to the average volume of 73,657 call options.

Lucid Group Stock Down 4.5 %

Shares of Lucid Group stock opened at $3.18 on Wednesday. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43. The company has a 50 day moving average of $2.49 and a 200 day moving average of $3.03. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $9.58 billion, a P/E ratio of -2.37 and a beta of 0.94.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Royal Bank of Canada decreased their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Tuesday. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $3.04.

Insider Activity

In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in Lucid Group by 6.0% in the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after buying an additional 3,715 shares in the last quarter. Pine Valley Investments Ltd Liability Co raised its position in shares of Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after acquiring an additional 3,816 shares in the last quarter. Greenleaf Trust lifted its stake in Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after purchasing an additional 4,604 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Lucid Group by 73.7% in the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after purchasing an additional 5,031 shares in the last quarter. Finally, Amalgamated Bank increased its stake in Lucid Group by 12.5% in the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after purchasing an additional 5,337 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.