Options Trader Sees Lucid Group Trading Higher Through November Expiration

Lucid Group, Inc. 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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