EV Stock Swimming in Red Ink After CFO Departure

LCID has been in penny stock territory since October

Digital Content Manager
Dec 12, 2023 at 9:55 AM
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Electric vehicle (EV) name Lucid Group Inc (NASDAQ:LCID) is down 3.8% at $4.43 at last check, after announcing CFO Sherry House will step down from her post. The security first slipped into penny stock territory in October, before marking a Nov. 10, record low of $3.62. The 80-day moving average has been guiding the shares lower since February, contributing to its 32.5% year-to-date deficit. 

The brokerage bunch is firmly bearish, with all 11 analysts in coverage sporting a "hold" or worse rating. That pessimism is reflected in the options pits, per LCID's Schaeffer's put/call open interest ratio (SOIR) of 1.01 that stands in the 95th percentile of readings from the last 12 months.

Bears are sticking to their guns today. So far, 7,110 calls have crossed the tape, double the volume typically seen at this point. Most popular by far is the December 4 put, followed by the 4.5 put in that series.

 

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