Puts are running at double the amount typically seen at this point
Lucid Group Inc (NASDAQ:LCID) stock is staging a sharp drop on the charts, after the company launched a cheaper version of its Air sedan. The Air Pure electric sedan will start at $77,400 and be available immediately, and comes as the electric vehicle (EV) company has struggled with demand amid competition with Tesla (TSLA).
At last glance, LCID was down 6.6% at $5.20 -- earlier as low as $5.03 -- and hovering above its recent Sept. 25 record low of $4.97. Since mid-August, the descending 20-day moving average has guided the shares lower. LCID is now down roughly 24% in 2023.
Options bears are chiming in on today's pullback, with puts running at double the intraday average volume. Within the 52,000 puts exchanged so far, the January 2024 5-strike put is the most active by far.