Investors Purchase High Volume of Lucid Group Call Options (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) was the target of unusually large options trading activity on Friday. Traders bought 203,316 call options on the company. This is an increase of 199% compared to the typical daily volume of 68,039 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Royal Bank of Canada dropped their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Up 14.8 %

Shares of NASDAQ:LCID opened at $3.02 on Friday. The company’s fifty day moving average is $2.39 and its two-hundred day moving average is $2.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.49. The stock has a market capitalization of $9.10 billion, a price-to-earnings ratio of -2.25 and a beta of 1.08.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the company’s 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in 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 acquiring an additional 2,335,452 shares during the period. Bank of New York Mellon Corp raised its position in shares of Lucid Group by 27.7% during 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 purchasing an additional 581,082 shares during the period. Point72 Italy S.r.l. acquired a new position in Lucid Group during the 3rd quarter valued at approximately $3,209,000. Rhumbline Advisers boosted its position in 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 purchasing an additional 46,997 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after buying an additional 238,628 shares during the last quarter. 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.