The EV sector has been running hot after President Joe Biden signed the bipartisan infrastructure bill into law on Monday.
Following a pullback in Lucid Group Inc (NASDAQ:LCID) in Thursday's session, Market Rebellion co-founder Pete Najarian bought call options.
"I think this is one of those names that someday will be very, very competitive with somebody like a Tesla Inc (NASDAQ:TSLA)," Najarian said Friday on CNBC's "Fast Money Halftime Report."
Contrary to popular belief, Najarian thinks many recently-public EV market entrants will "steadily catch up" to Tesla. Lucid is one of those companies.
"I think they are not as far behind as people think right now," Najarian said.
He noticed unusual call buying activity in Lucid at the open Friday morning. There was a spike in volume in the $48 strike Lucid call options expiring Nov. 26, Najarian said.
He told CNBC he bought Lucid calls, but he didn't specify the strike or expiration.
LCID Price Action: Lucid was up 10.30% at $51.84 at time of publication.
Photo: courtesy of Lucid.
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