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

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of unusually large options trading on Monday. Stock investors acquired 99,267 put options on the stock. This represents an increase of 60% compared to the average volume of 62,053 put options.

Lucid Group Stock Up 2.8 %

Shares of NASDAQ LCID opened at $2.56 on Tuesday. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $5.91 billion, a PE ratio of -2.02 and a beta of 1.06. The stock’s fifty day simple moving average is $2.68 and its two-hundred day simple moving average is $3.12. Lucid Group has a 12-month low of $2.29 and a 12-month high of $8.37.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the business posted ($0.43) EPS. As a group, analysts expect that Lucid Group will post -1.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus reduced their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Citigroup restated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.24.

Institutional Trading of Lucid Group

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after buying an additional 1,060,588 shares during the last quarter. Invesco Ltd. raised its stake in shares of Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after buying an additional 1,763,443 shares during the last quarter. Norges Bank purchased a new position in shares of Lucid Group in the 4th quarter valued at about $22,208,000. Finally, Northern Trust Corp increased its stake in shares of Lucid Group by 13.8% in the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after purchasing an additional 631,728 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.