Investors Purchase High Volume of Call Options on Lucid Group (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was the recipient of unusually large options trading on Wednesday. Stock traders bought 119,835 call options on the stock. This is an increase of 25% compared to the typical volume of 96,017 call options.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Robert W. Baird boosted their price target on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Finally, Morgan Stanley raised Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a research report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Down 1.7%

Shares of LCID stock traded down $0.04 during mid-day trading on Friday, reaching $2.29. The stock had a trading volume of 85,024,990 shares, compared to its average volume of 85,558,574. The business's fifty day moving average is $2.33 and its 200-day moving average is $2.54. The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.43.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share 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 analyst estimates of $250.50 million. Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The firm's revenue for the quarter was up 36.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.27) earnings per share. As a group, research analysts expect that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Lucid Group in the fourth quarter worth about $780,000. XTX Topco Ltd boosted its stake in shares of Lucid Group by 395.7% in the fourth quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock worth $2,564,000 after buying an additional 677,846 shares during the last quarter. Norges Bank purchased a new stake in shares of Lucid Group in the fourth quarter worth about $9,446,000. Vontobel Holding Ltd. boosted its stake in shares of Lucid Group by 119.5% in the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock worth $1,289,000 after buying an additional 289,880 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Lucid Group by 342.7% in 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. 75.17% of the stock is owned by institutional investors and hedge funds.

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.