Traders Buy High Volume of Lucid Group Call Options (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading activity on Thursday. Investors acquired 110,835 call options on the stock. This is an increase of approximately 43% compared to the average daily volume of 77,756 call options.

Lucid Group Stock Performance

NASDAQ:LCID opened at $3.26 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock has a 50-day simple moving average of $2.89 and a two-hundred day simple moving average of $2.98. The firm has a market capitalization of $9.82 billion, a PE ratio of -2.43 and a beta of 0.93. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LCID. Sanctuary Advisors LLC purchased a new position in Lucid Group during the second quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group during the 4th quarter valued at $28,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group during the 4th quarter valued at $30,000. Proficio Capital Partners LLC bought a new position in Lucid Group in the 4th quarter worth $31,000. Finally, DRW Securities LLC purchased a new stake in Lucid Group in the 4th quarter worth $31,000. 75.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LCID. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada reduced their price target on shares of 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. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Benchmark began coverage on Lucid Group in a research report on Wednesday. They set a “buy” rating and a $5.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.24.

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.