Traders Buy Large Volume of Lucid Group Call Options (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw some unusual options trading on Friday. Traders acquired 203,316 call options on the stock. This represents an increase of 199% compared to the typical daily volume of 68,039 call options.

Lucid Group Trading Up 14.8 %

Shares of LCID stock opened at $3.02 on Friday. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of -2.25 and a beta of 1.08. The stock has a 50-day moving average of $2.39 and a 200-day moving average of $2.98. 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 has a 1-year low of $1.93 and a 1-year high of $4.49.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC grew its holdings in shares of Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after acquiring an additional 9,250 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Lucid Group in the second quarter worth $26,000. Crumly & Associates Inc. bought a new position in Lucid Group in the 3rd quarter valued at $38,000. Latko Wealth Management Ltd. bought a new position in Lucid Group in the 3rd quarter valued at $39,000. Finally, Clean Yield Group purchased a new stake in shares of Lucid Group during the 3rd quarter valued at $43,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Royal Bank of Canada dropped their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.16.

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.