Options Trader Sees Lucid Group Trading Higher Through November Expiration
Portfolio Pulse from Lisa Levin
Lucid Group, Inc. (NASDAQ:LCID) experienced higher than average call volume with a significant purchase of November 4-calls, indicating trader expectations for the stock to rise by November expiration. Despite reporting lower than expected Q3 sales and a quarterly loss, the stock closed up 4.5% on Monday. Lucid also recently partnered with Riyadh Air, founded by Saudi Arabia's Crown Prince.
November 14, 2023 | 1:38 pm
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Lucid Group saw a significant purchase of November 4-calls and a 4.5% stock price increase on Monday, despite reporting lower Q3 sales and a quarterly loss. The partnership with Riyadh Air may also influence investor sentiment.
The purchase of a large volume of call options suggests a bullish sentiment among traders, which could lead to a short-term increase in LCID's stock price. The recent partnership with Riyadh Air may also contribute positively to investor perception, despite the Q3 sales miss. The stock's rise on Monday reflects this optimism.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100