EV Stock Tumbles on Disappointing Deliveries

The ongoing price war with Tesla isn't helping

Deputy Editor
Jul 12, 2023 at 3:21 PM
facebook X logo linkedin


Lucid Group Inc (NASDAQ:LCID) is tumbling today amid demand concerns, after reporting disappointing second-quarter delivery numbers. The company delivered 1,406 electric Air luxury sedans, below analysts' expectations of 2,000, as the price war against Tesla (TSLA) adds pressure. At last glance, LCID was down 10.8% at $7.11, and on the short sell restricted (SSR) list. 

So far today, 236,000 calls and 78,000 puts have been exchanged, which is double the intraday average amount. The weekly 7/14 7.50-strike call is the most active contract, with new positions being bought to open there. 

This bullish-leaning volume is unsurprising, given that LCID's 50-day call/put volume ratio of 3.02 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year. 

It's worth noting that short interest currently represents 8.2% of the stock's available float. There is also plenty of potential pressure from overhead moving averages, including the 160-day trendline. Year-over-year, LCID is down 62.7%. 

LCID July12

 

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