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

Lucid Group, Inc. (NASDAQ:LCID) saw unusually large options trading on Friday. Stock investors purchased 69,821 put options on the stock. This is an increase of approximately 54% compared to the typical daily volume of 45,385 put options.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LCID. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. William Blair cut Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Citigroup dropped their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Royal Bank Of Canada reduced their price objective on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research note on Monday, October 12th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus target price of $8.67.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently made changes to their positions in the business. IFP Advisors Inc increased its stake in shares of Lucid Group by 1,231.3% in the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after purchasing an additional 3,497 shares during the period. Allworth Financial LP boosted its position in shares of Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock worth $27,000 after buying an additional 2,864 shares during the period. EverSource Wealth Advisors LLC boosted its position 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 worth $28,000 after buying an additional 2,740 shares during the period. Nykredit A S bought a new position in Lucid Group in the 2nd quarter worth approximately $47,000. Finally, CX Institutional grew its holdings in Lucid Group by 69.6% in the 2nd quarter. CX Institutional now owns 13,207 shares of the company’s stock worth $88,000 after buying an additional 5,422 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Trading Down 5.6%

NASDAQ:LCID opened at $3.02 on Friday. The company has a market capitalization of $1.19 billion, a P/E ratio of -0.22 and a beta of 1.00. The firm has a 50-day moving average price of $4.06 and a two-hundred day moving average price of $6.91. Lucid Group has a twelve month low of $2.37 and a twelve month high of $18.10.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The business’s quarterly revenue was up 56.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.24) EPS. On average, equities research analysts predict that Lucid Group will post -12.15 earnings per share for the current year.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.