Lucid Group Stock Pops After Analyst Initiates Coverage

Call volume is ramping up in response to the bull note

Deputy Editor
Sep 27, 2022 at 10:18 AM
facebook X logo linkedin

Lucid Group Inc (NASDAQ:LCID) stock is popping today, last seen up 5.1% at $14.77 after Cantor Fitzgerald initiated coverage on the electric vehicle (EV) maker with an "overweight" rating and a $23 price target. The broker highlighted a number of advantages it believes Lucid's luxury and premium vehicles have over the competition, including better efficiency, longer range, quicker charging, and more interior space,

Interest in calls is picking up following the upgrade, with the 39,000 bullish bets traded so far today making up six times the average intraday volume. Meanwhile, just over 8,000 puts have crossed the tape, or double what's typically seen at this point. The weekly 10/7 17-strike call is the most popular by far, with new positions are being opened.

Coming into today, analyst sentiment toward Lucid Group stock was split, with four sitting at a "strong buy" and three at a "hold" or worse. This leaves LCID open to receiving additional bull notes in the near future. Short interest still makes up 7.5% of the stock's available float, too, or seven days' worth of pent-up buying power, at LCID's average pace of trading. 

On the charts, Lucid Group has struggled for much of the year, with pressure forming at the descending 30-day moving average back in late-January. The shares now stand more than 60% lower in 2022, while a recent rally attempt was thwarted by the 60-day moving average. This lackluster technical foundation points towards an intriguing entry point, especially given Cantor Fitzgerald's newfound bullishness. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI