Lucid Group Sees Unusually High Options Volume (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading on Tuesday. Stock investors bought 121,211 call options on the company. This represents an increase of 33% compared to the typical volume of 91,434 call options.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LCID. TD Cowen initiated coverage on Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, February 26th. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a research report on Tuesday. Finally, Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Price Performance

Shares of Lucid Group stock traded down $0.08 during trading on Thursday, hitting $2.37. The stock had a trading volume of 24,885,134 shares, compared to its average volume of 53,800,824. The business has a fifty day moving average of $2.70 and a two-hundred day moving average of $2.82. The firm has a market cap of $7.17 billion, a P/E ratio of -1.76 and a beta of 0.97. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System raised its holdings in shares of Lucid Group by 0.9% in the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock worth $2,654,000 after purchasing an additional 8,023 shares in the last quarter. 111 Capital purchased a new position in Lucid Group in the 4th quarter worth about $52,000. Public Employees Retirement System of Ohio lifted its stake in Lucid Group by 5.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after buying an additional 17,230 shares in the last quarter. Alpine Global Management LLC boosted its holdings in shares of Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after buying an additional 4,653 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Lucid Group by 23.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after acquiring an additional 504,171 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.