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

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading on Thursday. Stock traders bought 151,691 put options on the stock. This is an increase of 68% compared to the typical daily volume of 90,399 put options.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LCID. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a research report on Tuesday, March 18th. Benchmark reissued a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Stifel Nicolaus cut their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and cut their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $2.69.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. The Manufacturers Life Insurance Company lifted its position in Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares during the last quarter. FMR LLC boosted its holdings in Lucid Group by 47.5% during the third quarter. FMR LLC now owns 149,987 shares of the company’s stock valued at $529,000 after acquiring an additional 48,304 shares during the period. Townsquare Capital LLC acquired a new stake in shares of Lucid Group in the third quarter valued at about $75,000. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Lucid Group by 43.6% in the third quarter. Rockefeller Capital Management L.P. now owns 117,764 shares of the company’s stock worth $416,000 after purchasing an additional 35,766 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Price Performance

NASDAQ LCID opened at $2.28 on Friday. The stock has a market capitalization of $6.91 billion, a PE ratio of -1.70 and a beta of 0.97. The company has a 50 day moving average price of $2.56 and a two-hundred day moving average price of $2.71. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43.

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.