Investors Purchase Large Volume of Put Options on Lucid Group (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) was the target of some unusual options trading on Wednesday. Stock traders purchased 153,156 put options on the company. This is an increase of 78% compared to the typical volume of 86,236 put options.

Analysts Set New Price Targets

Several brokerages have weighed in on LCID. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $3.00 to $1.00 in a research report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $3.50 to $1.13 in a research note on Monday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.73.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Public Investment Fund boosted its holdings in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares during the period. Vanguard Group Inc. increased its position in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after buying an additional 15,493,320 shares during the period. Renaissance Technologies LLC grew its position in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $34,123,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 10.9 %

NASDAQ LCID traded down $0.29 on Wednesday, reaching $2.33. The company had a trading volume of 92,808,508 shares, compared to its average volume of 82,880,344. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $7.00 billion, a P/E ratio of -1.74 and a beta of 0.93. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43. The company’s fifty day moving average is $2.99 and its 200 day moving average is $2.97.

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.