Investing

Unusual Put Option Trade in Lucid Group Worth $552.00K

Fintel Staff

Published: February 17, 2023 3:14 am

Last Updated: February 17, 2023 11:15 am

On February 16, 2023 at 12:17:44 (ET) an unusually large $552.00K block of Put contracts in Lucid Group (LCID) was sold, with a strike price of $10.00 / share, expiring in 120 days (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 2.77 sigmas above the mean, placing it in the 99.53 percentile of all recent large trades made in LCID options.

Analyst Price Forecast Suggests 31.32% Upside

As of February 16, 2023, the average one-year price target for Lucid Group is $14.46. The forecasts range from a low of $5.05 to a high of $18.90. The average price target represents an increase of 31.32% from its latest reported closing price of $11.01.

The projected annual revenue for Lucid Group is $2,694MM, an increase of 614.85%. The projected annual EPS is -$1.20.

What is the Fund Sentiment?

There are 770 funds or institutions reporting positions in Lucid Group. This is an increase of 44 owner(s) or 6.06% in the last quarter. Average portfolio weight of all funds dedicated to LCID is 0.17%, an increase of 6.38%. Total shares owned by institutions increased in the last three months by 11.46% to 1,338,391K shares. The put/call ratio of LCID is 0.80, indicating a bullish outlook.

What are large shareholders doing?

Public Investment Fund holds 1,109,007K shares representing 60.69% ownership of the company. In it’s prior filing, the firm reported owning 1,015,253K shares, representing an increase of 8.45%. The firm decreased its portfolio allocation in LCID by 36.45% over the last quarter.

Invesco Qqq Trust, Series 1 holds 24,637K shares representing 1.35% ownership of the company. In it’s prior filing, the firm reported owning 24,091K shares, representing an increase of 2.21%. The firm decreased its portfolio allocation in LCID by 13.72% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 17,464K shares representing 0.96% ownership of the company. In it’s prior filing, the firm reported owning 17,173K shares, representing an increase of 1.67%. The firm decreased its portfolio allocation in LCID by 13.70% over the last quarter.

VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 13,497K shares representing 0.74% ownership of the company. In it’s prior filing, the firm reported owning 6,718K shares, representing an increase of 50.23%. The firm increased its portfolio allocation in LCID by 71.01% over the last quarter.

First Trust Advisors holds 9,736K shares representing 0.53% ownership of the company. In it’s prior filing, the firm reported owning 6,822K shares, representing an increase of 29.94%. The firm decreased its portfolio allocation in LCID by 36.11% over the last quarter.

Lucid Group Background Information
(This description is provided by the company.)

Lucid seeks to inspire the adoption of sustainable energy by creating the most captivating electric vehicles, centered around the human experience. The company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design underpinned by race-proven technology. Featuring luxurious interior space in a mid-size exterior footprint, select models of Air are expected to be capable of a projected EPA estimated range of over 500 miles. Customer deliveries of Lucid Air are planned to begin this year.

This article originally appeared on Fintel