EV Stock Eyes Worst Day Since December on Quarterly Miss

LCID is down more than 70% so far in 2022

Digital Content Manager
Nov 9, 2022 at 3:34 PM
facebook X logo linkedin


Lucid Group Inc (NASDAQ:LCID) is sinking, last seen down 18.1% to trade at $11.07, after the electric vehicle (EV) maker posted wider-than-expected third-quarter losses, as well a revenue miss. The company noted canceled orders and fears around long waiting periods negatively impacted quarterly results , with orders totaling 34,000 -- down 3,000 reservations from the previous quarter. Lucid also announced plans to raise $1.5 billion through a share sales program and additional investment from Saudi Arabia's Public Investment Fund.

Options traders are chiming in full-force, with 82,000 calls and 136,000 puts across the tape so far, or three times the average intraday volume. The most popular contract is the December 10 put, followed by the 12 put in that same monthly series, with new positions being opened at both.

Meanwhile, short-term options traders have been incredibly call-biased, given LCID's Schaeffer's put/call open interest ratio (SOIR) of 0.79 stands higher than only 3% of annual readings. A further unwinding of bullish bets could pressure the equity even lower.

Short sellers have been jumping on the Lucid stock of late, too. In fact, short interest is up 4.8% over the two most recent reporting periods, and the 132.69 million shares sold short make up 8.3% of the stock's available float, or more than one week's worth of pent-up buying power.

The shares are today pacing for their third-straight daily loss, as well as their worst day since December. The security also slipped to a roughly two-year low of $10.80 earlier in the session, breaching a recent floor at the $12 level. Year-to-date, LCID has shed over 70%.

 

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 C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI