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Lucid Stock’s Surge on options trading!

Lucid stock’s 43% gain on Friday was accompanied by frenetic options trading.

Nearly 900,000 contracts changed hands on Friday, more than seven times typical activity and the most for Lucid Group in more than a year, according to Cboe Global Markets data. Bullish call contracts led puts at roughly three-to-one.

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Call options to give traders the right, though not the obligation, to buy shares at a stated price by a specific date, while bearish put options grant the right to sell.

Rumors that the electric-vehicle maker would be acquired by the Saudi Arabia Public Investment Fund—which already owns about 65% of the company—helped spark the rally. The shares were halted 12 times Friday, according to Nasdaq.

Implied volatility in options expiring within the next week rose to 240% from 90% the prior day, highlighting the explosive payouts in ultrashort-dated options that have attracted droves of traders.

The largest trade on Friday was a block of calls that expire on Feb. 3, betting the stock would reach $9.50 per share.

Matching a similar trade on Monday, a trader may have been closing out a losing position, according to Henry Schwartz, vice president at Cboe Global Markets.

Bets that the shares would reach $35 by Feb. 17 was one of the most popular wagers on Friday.