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

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of some unusual options trading activity on Tuesday. Stock traders purchased 105,350 call options on the company. This represents an increase of approximately 59% compared to the typical daily volume of 66,348 call options.

Institutional Trading of Lucid Group

Institutional investors have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC acquired a new position in Lucid Group during the 3rd quarter worth about $212,000. Johnson & White Wealth Management LLC acquired a new position in shares of Lucid Group in the third quarter valued at approximately $238,000. Integrity Alliance LLC. purchased a new stake in Lucid Group during the 1st quarter worth approximately $27,000. Sapient Capital LLC purchased a new stake in Lucid Group during the 3rd quarter worth approximately $287,000. Finally, Valeo Financial Advisors LLC boosted its position in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Trading Down 1.6%

NASDAQ:LCID traded down $0.19 during trading hours on Tuesday, hitting $11.63. The company had a trading volume of 2,225,022 shares, compared to its average volume of 11,028,058. Lucid Group has a 1 year low of $11.46 and a 1 year high of $36.40. The company has a market cap of $3.77 billion, a P/E ratio of -1.09 and a beta of 0.87. The company has a 50-day moving average of $16.27 and a 200 day moving average of $20.37. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company’s revenue for the quarter was up 68.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($2.76) EPS. Sell-side analysts expect that Lucid Group will post -1.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LCID. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Stifel Nicolaus cut their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Finally, Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $21.54.

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.