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

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was the recipient of unusually large options trading activity on Tuesday. Stock investors bought 164,109 call options on the company. This represents an increase of approximately 80% compared to the average volume of 90,957 call options.

Institutional Investors Weigh In On Lucid Group

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

Analyst Ratings Changes

LCID has been the subject of several research analyst reports. TD Cowen started coverage on Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Stifel Nicolaus dropped their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Morgan Stanley raised Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a research note on Tuesday, March 18th. Finally, Cowen initiated coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a "hold" rating for the company. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Price Performance

NASDAQ LCID traded up $0.29 on Tuesday, reaching $2.97. The company's stock had a trading volume of 117,224,376 shares, compared to its average volume of 68,546,817. Lucid Group has a 52 week low of $1.93 and a 52 week high of $4.43. The firm has a market cap of $8.99 billion, a PE ratio of -2.21 and a beta of 0.88. The business has a 50-day moving average price of $2.43 and a 200 day moving average price of $2.56. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. During the same period in the previous year, the firm earned ($0.27) earnings per share. The firm's revenue was up 36.1% compared to the same quarter last year. Sell-side analysts expect that Lucid Group will post -1.25 EPS for the current year.

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.

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