Lucid Group Inc LCID Wednesday reported that it produced 2,282 vehicles in the third quarter and is on track to meet the conservative full-year guidance of 6,000 to 7,000 vehicles. The EV maker reduced its production estimates twice this year.
On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Lucid traded at 1.7 times its average daily volume on Wednesday.
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There were buyers of 25,000 of the October 14 weekly 13.5 calls at an average price of 30 cents per contract, Khouw mentioned. Traders expect Lucid’s stock to gain another 5% by Friday, he added.
LCID Price Action: Shares of Lucid rose by 3.48% to settle at $13.09 on Wednesday.
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