Stock Traders Buy High Volume of Lucid Group Put Options (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) saw unusually large options trading activity on Wednesday. Traders bought 153,156 put options on the company. This is an increase of approximately 78% compared to the average volume of 86,236 put options.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the company. 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 worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. grew its position in Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Geode Capital Management LLC grew its position in Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after buying an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after acquiring an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Trading Down 1.3 %

Shares of Lucid Group stock opened at $2.23 on Friday. The company’s 50-day moving average price is $2.97 and its 200-day moving average price is $2.96. 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 12-month low of $1.93 and a 12-month high of $4.43. The company has a market cap of $6.72 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LCID. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday. Stifel Nicolaus cut their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday. Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday. Finally, Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $3.00 to $1.00 in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $2.73.

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.