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

Lucid Group, Inc. (NASDAQ:LCID) was the target of some unusual options trading on Wednesday. Stock investors bought 153,156 put options on the company. This is an increase of 78% compared to the typical volume of 86,236 put options.

Lucid Group Stock Down 1.3 %

LCID opened at $2.23 on Friday. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The firm has a market capitalization of $6.72 billion, a P/E ratio of -1.66 and a beta of 0.93. The company’s 50-day moving average is $2.97 and its 200 day moving average is $2.96. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently modified their holdings of the company. Point72 Italy S.r.l. bought a new position in shares of Lucid Group in the third quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC bought a new position in Lucid Group in the 3rd quarter valued at $863,000. Charles Schwab Investment Management Inc. increased its position in shares of Lucid Group by 84.6% during 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 purchasing an additional 2,335,452 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares during the period. Finally, Empowered Funds LLC purchased a new position in shares of Lucid Group in the 4th quarter worth about $301,000. Institutional investors own 75.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on LCID shares. Royal Bank of Canada dropped their price target 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. Benchmark started coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price on the stock. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research report on Monday, November 11th. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their price target for the company from $3.50 to $1.13 in a research note on Monday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.73.

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.