Lucid Group will get a 3.7% stake in Aston Martin
Lucid Group Inc (NASDAQ:LCID) is surging off last session's record low of $5.56, up 14.7% to trade at $6.27 at last glance. This bounce comes after Reuters reported that the electric vehicle (EV) maker will get a 3.7% stake in Aston Martin -- worth roughly $232 million -- in exchange for providing the company with EV powertrain and battery systems necessary to take its luxury cars electric.
LCID is on track to snap a five-day losing streak. The equity is still down 8.7% year-to-date, and 68% year-over-year, however.
Options bulls are blasting the shares in response, with 110,000 calls exchanged so far, which is six times the amount typically seen at this point. The weekly 6/30 6.50-strike call is the most popular, with new positions opening there.
LCID has been seeing plenty of bullish sentiment in the options pits before today as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), LCID's 50-day call/put volume ratio of 2.41 ranks higher than 98% of readings from the past year.