The company started production at its Arizona factory
The shares of Lucid Group Inc (NASDAQ:LCID) are up 12.3% to trade at $27.54 at last check. Today's positive price action comes after the luxury electric vehicle maker started production on its Lucid Air cars at its Arizona factory. The top-end cars will be available in late October, followed by cheaper models. According to CEO Peter Rawlinson, Lucid is on track to meet its production targets for 2022 and 2023. Plus, the company stated that its cars have a greater driving range than rival Tesla (TSLA).
Earlier this month, Schaeffer's Investment Research's Senior Market Strategist Matthew Timpane presented at the Benzinga Electric Vehicles Conference, where LCID was one of the stocks highlighted. You can watch his presentation here, and click to read a summary of his thoughts on the stock.
Options traders are targeting the stock with fervor this morning. So far, 274,000 calls and 52,000 puts have crossed the tape, which is four times what is typically seen at this point, with call volume pacing at the top percentile of its annual range. The weekly 10/1 27-strike call is the most popular, followed by the 30- and 28-strike calls in the same series, with new positions being opened at all.
Lucid stock conquered the support of multiple short- and long-term trendlines earlier this month, and has recently found a floor at the $24 level. The equity has had a strong year thus far, too, as indicated by its 176.7% year-to-date lead.