Stock Traders Purchase Large Volume of Lucid Group Put Options (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of some unusual options trading on Wednesday. Investors acquired 153,156 put options on the stock. This represents an increase of approximately 78% compared to the average daily volume of 86,236 put options.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group in the fourth quarter worth $28,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the fourth quarter worth $30,000. Proficio Capital Partners LLC purchased a new stake in Lucid Group in the fourth quarter worth $31,000. DRW Securities LLC purchased a new stake in Lucid Group in the fourth quarter worth $31,000. Finally, First National Corp MA ADV purchased a new stake in Lucid Group in the fourth quarter worth $32,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Finally, Benchmark began coverage on Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price on the stock. 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. Based on data from MarketBeat, Lucid Group currently has an average rating of “Hold” and an average target price of $2.73.

Lucid Group Price Performance

LCID opened at $2.26 on Thursday. The stock has a market capitalization of $6.79 billion, a PE ratio of -1.68 and a beta of 0.93. The stock’s 50 day moving average price is $2.98 and its 200-day moving average price is $2.97. Lucid Group has a 52-week low of $1.93 and a 52-week 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.

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.