Lucid Stock Hits 9-Month High After Lifting Production Outlook

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Lucid said orders jumped to 13,000 in its third quarter

Lucid Group Inc (NASDAQ:LCID) is up 9.4% at $49.01 this morning, hitting its highest level since February after posting smaller-than-expected third-quarter losses of 21 cents per share. The electric vehicle concern said reservations jumped to 13,000 last quarter, amounting to an order book of roughly $1.3 billion, with numbers now beyond 17,000. CEO Peter Rawlinson noted demand for its Lucid Air model is rising, predicting the production of 20,000 units by 2022. 

The security has been climbing up the charts in recent months, up over 92% quarter-to-date. Today’s pop has also placed the security comfortably above the $48 level, which snuffed out a rally earlier this month. Year-over-year, Lucid Group stock is up a whopping 402.7%. 

Citigroup has chimed in, lifting its price target all the way to $57 from $28. The equity could attract even more bull notes, should these gains hold. The 12-month consensus price target of $23.33 is a 52.3% discount to current levels. Fresh coverage could also be on its way, as only two analysts are currently in coverage — both at a “strong buy” rating. 

Options volume is surging this morning. So far, 295,000 calls and 150,000 puts have already crossed the tape — double the intraday average. The most popular contract is the November 50 call, followed by the 60 call in the same series, with positions being sold to open at both.