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

Lucid Group, Inc. (NASDAQ:LCID) was the target of unusually large options trading activity on Wednesday. Traders purchased 131,030 put options on the company. This is an increase of approximately 73% compared to the typical volume of 75,943 put options.

Lucid Group Price Performance

Shares of LCID traded up $0.04 during mid-day trading on Wednesday, reaching $2.66. 11,063,515 shares of the company’s stock were exchanged, compared to its average volume of 32,996,504. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The company has a market cap of $6.12 billion, a price-to-earnings ratio of -1.91 and a beta of 1.04. The company has a 50-day simple moving average of $2.76 and a two-hundred day simple moving average of $3.47. Lucid Group has a 52-week low of $2.29 and a 52-week high of $8.37.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The firm had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. During the same period last year, the firm posted ($0.43) EPS. Lucid Group’s revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts predict that Lucid Group will post -1.06 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its stake in Lucid Group by 1.0% during the 3rd quarter. Arizona State Retirement System now owns 248,101 shares of the company’s stock valued at $1,387,000 after buying an additional 2,449 shares during the period. M&T Bank Corp grew its stake in shares of Lucid Group by 12.8% in the 3rd quarter. M&T Bank Corp now owns 26,770 shares of the company’s stock valued at $150,000 after buying an additional 3,046 shares in the last quarter. Principal Financial Group Inc. boosted its position in Lucid Group by 5.5% during the third quarter. Principal Financial Group Inc. now owns 58,547 shares of the company’s stock worth $327,000 after purchasing an additional 3,055 shares during the period. Treasurer of the State of North Carolina boosted its position in shares of Lucid Group by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after acquiring an additional 3,230 shares during the period. Finally, UniSuper Management Pty Ltd grew its holdings in shares of Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after purchasing an additional 3,700 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Stifel Nicolaus cut their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday. Citigroup restated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Bank of America lowered their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus target price of $4.24.

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.