Lucid Group Target of Unusually High Options Trading (NASDAQ:LCID)

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

Analyst Ratings Changes

Several research analysts have recently issued reports on LCID shares. Benchmark reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Cowen assumed coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating for the company. Stifel Nicolaus decreased their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Price Performance

Lucid Group stock opened at $2.35 on Wednesday. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of -1.75 and a beta of 0.97. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43. The stock’s 50 day moving average price is $2.71 and its two-hundred day moving average price is $2.82. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the business. Public Investment Fund lifted its holdings in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in shares of Lucid Group in the 4th quarter worth $34,123,000. 75.17% of the stock is currently owned by 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.