Options Trader Sees Lucid Group Trading Higher Through November Expiration

Lucid Group, Inc. (NASDAQ: LCID) recently reported downbeat sales results for its third quarter.

On CNBC’s  "Options Action,"  Mike Khouw of Optimize Advisors said Lucid traded at 1.5x its average daily call volume on Monday.

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There was a buyer of 1,000 of the November 4-calls at an average price of 14 cents per contract, Khouw mentioned.

Traders expect Lucid’s stock to trade higher through November expiration.

Lucid Group recently partnered with Saudi Arabia-based airline Riyadh Air, which was founded by the Kingdom’s Crown Prince Mohammed bin Salman.

The company recently reported third-quarter revenue of $137.81 million, which missed the consensus estimate of $183.84 million. The company reported a quarterly loss of 28 cents per share, which beat analyst estimates for a loss of 35 cents per share, according to Benzinga Pro.

Price Action: Lucid Group shares gained 4.5% to close at $3.97 on Monday.

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