Stock Traders Purchase Large Volume of Call Options on Lucid Group (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading activity on Friday. Traders purchased 203,316 call options on the company. This represents an increase of 199% compared to the typical volume of 68,039 call options.

Insider Activity

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased 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 in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. Bank of New York Mellon Corp raised its position in Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares during the period. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group during the third quarter worth about $3,209,000. Rhumbline Advisers boosted its position in shares of Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after buying an additional 46,997 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in shares of Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after buying an additional 238,628 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Trading Up 14.8 %

Shares of LCID opened at $3.02 on Friday. The stock’s fifty day simple moving average is $2.39 and its 200 day simple moving average is $2.98. Lucid Group has a twelve month low of $1.93 and a twelve month high of $4.49. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $9.10 billion, a P/E ratio of -2.25 and a beta of 1.08.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on LCID shares. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus target price of $3.16.

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.