Options Traders Chime in on Electric Vehicle Name's Recent Surge

The stock is extending yesterday's soaring price action

Deputy Editor
Oct 29, 2021 at 11:13 AM
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Electric vehicle name Lucid Group Inc (NASDAQ:LCID) skyrocketed on the charts yesterday, after the company announced that deliveries of its Air Dream Edition sedan would begin Saturday, staying true to its previously stated timeline of late October. The Tesla rival has received plenty of attention lately, in part due to the vehicles' impressive driving range. Last month, the stock was highlighted by Schaeffer's Investment Research's Senior Market Strategist Matthew Timpane at the Benzinga Electric Vehicles Conference

Today, LCID is extending last session's 31.3% jump, up 5.3% to trade at $37.36 at last check. The stock also nabbed an eight-month high earlier today. Lucid Group's plans for Saudi Arabia is the talk of the day, as the company is discussing manufacturing opportunities there. Comfortably trading above previous pressure at the $28 level, as well as all short- and long-term moving averages, the equity is up 275.2% year-to-date. 

The two analysts in coverage carry a "strong buy" rating on LCID. However, there is room for bull notes in the form of price-target hikes. The 12-month consensus price target of $23.33 is a 37.7% discount to current levels. 

Despite a quiet brokerage bunch, options traders have been quick to chime in on the recent price action, with options volume currently running at six times the intraday average. So far, 562,000 calls and 168,000 puts have crossed the tape today. The weekly 10/29 40-strike call is the most popular, followed by the 42-strike call in the same weekly series, with positions being opened at both. 

 

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