Unusual Put Option Trade in Lucid Group Worth $436K

On May 18, 2023 at 12:15:13 ET an unusually large $436.00K block of Put contracts in Lucid Group (LCID) was sold, with a strike price of $8.00 / share, expiring in 29 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 3.00 sigmas above the mean, placing it in the 99.86th percentile of all recent large trades made in LCID options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 756 funds or institutions reporting positions in Lucid Group. This is a decrease of 16 owner(s) or 2.07% in the last quarter. Average portfolio weight of all funds dedicated to LCID is 0.14%, a decrease of 17.26%. Total shares owned by institutions decreased in the last three months by 0.70% to 1,328,960K shares. The put/call ratio of LCID is 0.93, indicating a bullish outlook.

Analyst Price Forecast Suggests 20.70% Upside

As of May 11, 2023, the average one-year price target for Lucid Group is 8.73. The forecasts range from a low of 5.05 to a high of $10.50. The average price target represents an increase of 20.70% from its latest reported closing price of 7.23.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Lucid Group is 2,694MM, an increase of 284.89%. The projected annual non-GAAP EPS is -1.20.

What are Other Shareholders Doing?

Public Investment Fund holds 1,109,007K shares representing 60.49% ownership of the company. No change in the last quarter.

Invesco Qqq Trust, Series 1 holds 22,417K shares representing 1.22% ownership of the company. In it’s prior filing, the firm reported owning 24,637K shares, representing a decrease of 9.90%. The firm decreased its portfolio allocation in LCID by 54.78% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 17,883K shares representing 0.98% ownership of the company. In it’s prior filing, the firm reported owning 17,464K shares, representing an increase of 2.34%. The firm decreased its portfolio allocation in LCID by 53.77% over the last quarter.

VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 13,676K shares representing 0.75% ownership of the company. In it’s prior filing, the firm reported owning 13,497K shares, representing an increase of 1.31%. The firm decreased its portfolio allocation in LCID by 54.50% over the last quarter.

Geode Capital Management holds 9,969K shares representing 0.54% ownership of the company. In it’s prior filing, the firm reported owning 8,832K shares, representing an increase of 11.40%. The firm increased its portfolio allocation in LCID by 22.92% 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.

Key filings for this company:

• UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

This article originally appeared on Fintel