Why Lucid Stock Is Trading Higher Today

Lucid Group Inc LCID shares are trading higher Tuesday following positive analyst coverage from Cantor Fitzgerald.

Cantor Fitzgerald analyst Andres Sheppard initiated coverage on Lucid with an Overweight rating and announced a $23 price target, citing advantages of the company's Lucid Air relative to its peers. 

The analyst highlighted the Lucid Air's industry-leading range, charging capabilities and premium feel featuring more space than the competition. 

Lucid is a technology and automotive company developing the next generation of electric vehicle technologies. 

See Also: US Stocks Look Set To Snap Out Of 5-Session Losing Streak Today As Fed Official Tempers Hawkish Tone — Twitter, Tesla In Spotlight

LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $13.25.

The stock was up 3.84% at $14.60 at time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.