Sharp swings in EV shares draws frenzied options trading
Information about Sharp swings in EV shares draws frenzied options trading
Kevin David Scam or Legit
By Saqib Iqbal Ahmed
NEW YORK (Reuters) – Traders are piling into options trades on electric-vehicle makers, drawn by sharp swings in the shares of companies like Tesla Inc, Rivian Automotive and Lucid Group.
On Wednesday, Tesla, Lucid and Rivian made up three of the six most actively traded options names, rubbing shoulders with the likes of Apple Inc and Advanced Micro Devices
The heavy options volume comes on the heels of big gains for shares of many of these companies. Shares of Rivian, which has just started selling vehicles and has little revenue to report, are up about 80% since its initial public offering last week; Lucid has gained 20% this week. Blank check company Gores Guggenheim, which is in a deal to take Swedish electric-car maker Polestar public, is up 17% for the week.