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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Sharp swings in EV shares draws frenzied options trading

11/17/2021 | 02:30pm EST
FILE PHOTO: A Tesla logo is seen at the Tesla Shanghai Gigafactory in Shanghai

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.

Tesla shares were up Wednesday, while some other electric vehicle makers retreated.

"It's the theme of the week," said Randy Frederick, managing director of trading and derivatives at Charles Schwab. "It does seem like they might be caught up in the meme-stock type of frenzy."

Lucid, Rivian and Gores Guggenheim were among the top 20 most actively traded names in the options market this week, according to Trade Alert data.

A surge of trading in a stock's options can exacerbate volatility in the underlying shares. It wasn't immediately clear, however, what impact they have had on shares of the electric vehicle makers, Frederick said.

Sentiment in the electric-vehicle makers' options leaned toward bearish and defensive bets on Wednesday, according to Trade Alert data.

Lucid puts that would guard against the shares dropping below $50 by Friday were among the most actively traded contracts on the company.

Puts convey the right to sell shares at a fixed price in the future and are often used to guard against a drop in share price.

With Rivian shares down 17.0% at $142.7 on Wednesday, Rivian puts at the $150, $140, $130 levels also traded in heavy volume.

(Reporting by Saqib Iqbal Ahmed: Editing by Ira Iosebashvili and David Gregorio)

By Saqib Iqbal Ahmed


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANCED MICRO DEVICES, INC. -3.62% 131.93 Delayed Quote.-8.32%
APPLE INC. -1.89% 169.8 Delayed Quote.-4.38%
GORES GUGGENHEIM, INC. -2.10% 11.86 Delayed Quote.-4.66%
TESLA, INC. -1.82% 1030.51 Delayed Quote.-2.49%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2022 381 B - -
Net income 2022 92 678 M - -
Net cash 2022 80 214 M - -
P/E ratio 2022 29,8x
Yield 2022 0,55%
Capitalization 2 774 B 2 774 B -
EV / Sales 2022 7,07x
EV / Sales 2023 6,69x
Nbr of Employees 154 000
Free-Float 99,9%
Chart APPLE INC.
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Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 44
Last Close Price 169,80 $
Average target price 179,26 $
Spread / Average Target 5,57%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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