Lucid Group Sees Unusually High Options Volume (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of unusually large options trading on Tuesday. Stock traders bought 73,420 call options on the stock. This represents an increase of approximately 47% compared to the average volume of 49,946 call options.

Lucid Group Trading Down 2.6%

Shares of Lucid Group stock traded down $0.21 during trading on Thursday, reaching $7.75. 5,826,942 shares of the stock were exchanged, compared to its average volume of 14,245,564. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of -0.58 and a beta of 0.83. Lucid Group has a 1 year low of $2.37 and a 1 year high of $25.30. The stock’s fifty day moving average is $5.96 and its 200 day moving average is $8.03.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Morgan Stanley set a $5.00 target price on Lucid Group in a report on Wednesday, May 6th. Citigroup reaffirmed a “buy” rating and issued a $14.00 price target (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Cantor Fitzgerald reissued a “neutral” rating and set a $14.00 price objective on shares of Lucid Group in a research note on Monday, May 4th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Lucid Group has an average rating of “Reduce” and an average target price of $9.56.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC raised its holdings in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after acquiring an additional 2,740 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares in the last quarter. Jump Financial LLC purchased a new position in Lucid Group during the 2nd quarter valued at $41,000. Worldquant Millennium Advisors LLC purchased a new position in Lucid Group during the 2nd quarter valued at $59,000. Finally, Leonteq Securities AG bought a new position in Lucid Group in the 4th quarter worth $67,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.