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

Lucid Group, Inc. (NASDAQ:LCID) was the target of unusually large options trading on Monday. Stock traders acquired 116,579 call options on the stock. This represents an increase of 58% compared to the average daily volume of 73,657 call options.

Lucid Group Price Performance

Lucid Group stock traded up $0.11 during trading on Monday, reaching $3.40. The company had a trading volume of 101,306,558 shares, compared to its average volume of 111,953,375. The firm has a market capitalization of $10.24 billion, a PE ratio of -2.54 and a beta of 1.08. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.43. The firm’s 50-day simple moving average is $2.46 and its 200 day simple moving average is $3.02. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Analyst Ratings Changes

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

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Lucid Group by 84.6% in the third 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. Bank of New York Mellon Corp increased its stake in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the last quarter. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group during the 3rd quarter worth $3,209,000. Rhumbline Advisers boosted its position in shares of Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after acquiring an additional 46,997 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Lucid Group by 131.3% during the second 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 last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.