Traders Purchase High Volume of Put Options on Lucid Group (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw unusually large options trading activity on Friday. Stock investors purchased 69,821 put options on the company. This represents an increase of 54% compared to the typical daily volume of 45,385 put options.

Lucid Group Trading Down 5.6%

Shares of LCID stock traded down $0.18 on Friday, hitting $3.02. 14,307,992 shares of the stock were exchanged, compared to its average volume of 13,230,290. Lucid Group has a fifty-two week low of $2.37 and a fifty-two week high of $18.10. The business has a 50-day moving average of $4.11 and a 200 day moving average of $6.95. The firm has a market capitalization of $1.19 billion, a P/E ratio of -0.22 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company’s revenue was up 56.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.24) earnings per share. As a group, research analysts forecast that Lucid Group will post -12.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. UBS Group reissued a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. Citigroup decreased their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Morgan Stanley decreased their price objective on Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $8.67.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings in Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after buying an additional 189,134 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Lucid Group in the 2nd quarter worth about $3,125,000. Lazard Asset Management LLC grew its position in Lucid Group by 192.6% in the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after purchasing an additional 200,604 shares during the period. Calamos Advisors LLC increased its stake in shares of Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock worth $2,144,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Lucid Group during the 2nd quarter valued at approximately $1,368,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.