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

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading activity on Thursday. Traders bought 107,338 call options on the company. This is an increase of approximately 59% compared to the typical daily volume of 67,638 call options.

Insider Buying and Selling at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -100.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co increased its position in shares of Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares in the last quarter. Principal Financial Group Inc. boosted its position in Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares during the period. Heritage Wealth Advisors raised its position in Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after purchasing an additional 4,000 shares during the period. Greenleaf Trust boosted its position in shares of Lucid Group by 22.0% in the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after buying an additional 4,604 shares during the period. Finally, Amalgamated Bank grew its stake in shares of Lucid Group by 12.5% in the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after buying an additional 5,337 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Performance

Shares of NASDAQ:LCID traded up $0.13 on Thursday, hitting $2.26. The company had a trading volume of 54,289,234 shares, compared to its average volume of 34,829,859. The business has a 50 day moving average of $3.23 and a 200 day moving average of $3.09. Lucid Group has a 52-week low of $2.02 and a 52-week high of $5.31. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The firm had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.40) earnings per share. As a group, sell-side analysts expect that Lucid Group will post -1.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of recent research reports. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.54.

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.