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

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was the target of some unusual options trading on Wednesday. Investors bought 153,156 put options on the stock. This is an increase of approximately 78% compared to the typical volume of 86,236 put options.

Lucid Group Stock Performance

Shares of Lucid Group stock traded down $0.01 during trading on Friday, reaching $2.22. The company's stock had a trading volume of 135,864,308 shares, compared to its average volume of 87,222,867. Lucid Group has a one year low of $1.93 and a one year high of $4.43. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The business's fifty day moving average price is $2.96 and its 200-day moving average price is $2.96.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group in the third quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC bought a new position in Lucid Group during the third quarter worth $863,000. Charles Schwab Investment Management Inc. raised its stake in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after purchasing an additional 249,500 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Lucid Group in the 4th quarter valued at $301,000. Institutional investors and hedge funds own 75.17% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $3.00 to $1.00 in a research report on Wednesday. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research report on Wednesday. Finally, Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Lucid Group presently has an average 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.