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

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of some unusual options trading activity on Thursday. Investors acquired 96,776 call options on the company. This represents an increase of approximately 44% compared to the average daily volume of 67,413 call options.

Lucid Group Stock Up 10.1 %

Shares of NASDAQ:LCID traded up $0.36 during trading on Thursday, hitting $3.94. 53,052,633 shares of the company were exchanged, compared to its average volume of 32,194,625. The stock has a market capitalization of $9.09 billion, a P/E ratio of -2.96 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. Lucid Group has a 12-month low of $2.29 and a 12-month high of $6.45. The firm’s 50 day moving average price is $3.11 and its 200-day moving average price is $2.97.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The company had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.40) EPS. On average, research analysts predict that Lucid Group will post -1.17 earnings per share for the current fiscal year.

Insider Activity at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the business. Treasurer of the State of North Carolina increased its holdings in shares of Lucid Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after acquiring an additional 3,230 shares during the period. Pine Valley Investments Ltd Liability Co increased its holdings in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after acquiring an additional 3,549 shares during the period. Principal Financial Group Inc. increased its stake in Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after buying an additional 3,715 shares during the period. Heritage Wealth Advisors increased its stake in Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares during the period. Finally, Apollon Wealth Management LLC increased its stake in Lucid Group by 24.6% in the 4th quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock valued at $89,000 after buying an additional 4,170 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Stifel Nicolaus dropped their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Monday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Friday, August 16th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and a consensus target price of $3.71.

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.