Investors Purchase High Volume of Call Options on Lucid Group (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) was the target of some unusual options trading activity on Friday. Stock traders acquired 203,316 call options on the company. This is an increase of approximately 199% compared to the average daily volume of 68,039 call options.

Analyst Ratings Changes

LCID has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Royal Bank of Canada dropped their price objective 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.16.

Lucid Group Price Performance

LCID stock opened at $3.02 on Friday. 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 $4.49. The firm has a market cap of $9.10 billion, a P/E ratio of -2.25 and a beta of 1.08. The company’s 50-day moving average price is $2.39 and its two-hundred day moving average price is $2.98.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 61.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after buying an additional 2,335,452 shares during the period. Bank of New York Mellon Corp grew its holdings in Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the last quarter. Point72 Italy S.r.l. bought a new stake in Lucid Group during the 3rd quarter worth approximately $3,209,000. Rhumbline Advisers grew its holdings in Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after acquiring an additional 46,997 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after acquiring an additional 238,628 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.