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

Lucid Group, Inc. (NASDAQ:LCID) saw unusually large options trading activity on Tuesday. Investors acquired 164,109 call options on the company. This is an increase of 80% compared to the average volume of 90,957 call options.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on LCID shares. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research report on Tuesday, March 18th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Redburn Atlantic cut 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 report on Monday, February 24th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.68.

Lucid Group Stock Up 10.6%

Shares of NASDAQ:LCID traded up $0.29 during mid-day trading on Tuesday, hitting $2.97. 117,224,376 shares of the company traded hands, compared to its average volume of 68,546,817. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market cap of $8.99 billion, a P/E ratio of -2.21 and a beta of 0.88. The stock has a 50-day moving average price of $2.43 and a two-hundred day moving average price of $2.56.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). The firm had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The company’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.27) earnings per share. On average, equities research analysts forecast that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Lucid Group by 27.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock worth $44,000 after acquiring an additional 3,882 shares during the period. Sei Investments Co. boosted its stake in Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after buying an additional 4,431 shares during the period. Voya Investment Management LLC grew its position in Lucid Group by 4.0% during the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after buying an additional 4,591 shares in the last quarter. Alpine Global Management LLC increased its stake in 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 acquiring an additional 4,653 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Lucid Group by 1.9% during the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock valued at $818,000 after acquiring an additional 5,022 shares during the last quarter. Hedge funds and other 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.