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

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading activity on Monday. Stock investors bought 116,579 call options on the stock. This is an increase of approximately 58% compared to the typical volume of 73,657 call options.

Lucid Group Stock Performance

Shares of NASDAQ:LCID traded up $0.11 during trading on Monday, hitting $3.40. The company’s stock had a trading volume of 101,306,558 shares, compared to its average volume of 111,953,375. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market cap of $10.24 billion, a price-to-earnings ratio of -2.54 and a beta of 1.08. The company has a 50-day moving average of $2.46 and a 200-day moving average of $3.02. Lucid Group has a 12 month low of $1.93 and a 12 month high of $4.43.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 61.26% of the stock is owned by corporate insiders.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 worth $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. purchased a new position in Lucid Group during the third quarter worth $3,209,000. Bank of New York Mellon Corp raised its stake in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after acquiring an additional 581,082 shares during the period. Main Management ETF Advisors LLC bought a new position in Lucid Group during the 3rd quarter valued at about $863,000. Finally, Canada Pension Plan Investment Board raised its position in Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LCID. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.16.

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.