Lucid Group Target of Unusually High Options Trading (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading on Tuesday. Investors bought 121,211 call options on the stock. This is an increase of approximately 33% compared to the typical daily volume of 91,434 call options.

Lucid Group Stock Up 9.5 %

LCID stock traded up $0.21 during trading on Tuesday, reaching $2.37. 147,790,264 shares of the company traded hands, compared to its average volume of 53,232,344. The business has a 50 day simple moving average of $2.72 and a 200 day simple moving average of $2.83. Lucid Group has a 12 month low of $1.93 and a 12 month high of $4.43. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of -1.76 and a beta of 0.97.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LCID. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, February 26th. Cowen began coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Benchmark reaffirmed a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.69.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LCID. 111 Capital purchased a new stake in Lucid Group during the fourth quarter valued at approximately $52,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after purchasing an additional 17,230 shares during the last quarter. Alpine Global Management LLC boosted its position in shares of Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Lucid Group by 23.9% during the 4th 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 buying an additional 504,171 shares during the last quarter. Finally, Waverly Advisors LLC acquired a new position in Lucid Group during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors 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.