Investors Buy Large Volume of Lucid Group Call Options (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of some unusual options trading on Tuesday. Investors bought 121,211 call options on the company. This represents an increase of approximately 33% compared to the typical daily volume of 91,434 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, February 26th. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and cut their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research report on Tuesday. Finally, TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.69.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. Caprock Group LLC lifted its position in Lucid Group by 7.4% during the third quarter. Caprock Group LLC now owns 189,961 shares of the company’s stock valued at $671,000 after buying an additional 13,159 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Lucid Group by 84.6% in the third 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. The Manufacturers Life Insurance Company lifted its position in shares of Lucid Group by 2.5% during the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after purchasing an additional 6,374 shares in the last quarter. FMR LLC boosted its stake in shares of Lucid Group by 47.5% in the third quarter. FMR LLC now owns 149,987 shares of the company’s stock valued at $529,000 after purchasing an additional 48,304 shares during the period. Finally, Townsquare Capital LLC acquired a new stake in Lucid Group during the 3rd quarter valued at $75,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Trading Down 3.1 %

NASDAQ:LCID traded down $0.08 on Thursday, hitting $2.37. 24,885,134 shares of the stock were exchanged, compared to its average volume of 53,800,824. The stock has a fifty day moving average of $2.70 and a 200-day moving average of $2.82. The stock has a market cap of $7.17 billion, a PE ratio of -1.76 and a beta of 0.97. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43.

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.