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

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of unusually large options trading activity on Wednesday. Stock investors purchased 131,030 put options on the company. This represents an increase of 73% compared to the typical volume of 75,943 put options.

Lucid Group Price Performance

NASDAQ:LCID traded up $0.04 during mid-day trading on Wednesday, hitting $2.66. The company’s stock had a trading volume of 11,063,515 shares, compared to its average volume of 32,996,504. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of -1.91 and a beta of 1.04. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. Lucid Group has a fifty-two week low of $2.29 and a fifty-two week high of $8.37. The stock has a fifty day moving average of $2.76 and a 200-day moving average of $3.47.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The firm had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same quarter last year, the business earned ($0.43) EPS. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, equities analysts forecast that Lucid Group will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares in the last quarter. Norges Bank acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $22,208,000. Hsbc Holdings PLC lifted its stake in Lucid Group by 496.8% in the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock valued at $9,587,000 after acquiring an additional 1,900,730 shares in the last quarter. Invesco Ltd. grew its position in Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Finally, Jump Financial LLC bought a new position in shares of Lucid Group in the 3rd quarter valued at about $6,230,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on LCID. Robert W. Baird decreased their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday. Finally, Citigroup restated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of $4.24.

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.