Options Trading Records One Of Its Busiest Days In History Due To This EV Stock

Shares of Lucid Group Inc LCID closed up more than 30% on Thursday, a day after the electric vehicle maker confirmed that deliveries of its Air Dream Edition sedan would begin Saturday.

On CNBC's "Options Action," Mike Khouw said Lucid traded more than 11 times its average daily call volumes. At nearly 2.5 million contracts traded, Thursday was one of the busiest days ever.

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Around 48,000 of the November 5 weekly 35 strike calls were purchased at $2.85 a contract with expiration next week. Buyers of these contracts are “actually already profitable” because they close near $4, Khouw said

Options trading implies the stock will rise by at least 8% by Friday next week, he said.