Benzinga | Sep 9, 2021 11:17AM EDT

Why Lucid Shares Are Rising Today

Lucid Group Inc (NASDAQ:LCID) shares are trading higher by 5.2% at $19.92 after Citigroup analyst Itay Michaeli initiated coverage on the stock with a Buy rating and announced a $28 price target.

Lucid shares have been volatile after the company's PIPE lockup expired on September 1.

Lucid is a technology and automotive company. It develops the next generation of electric vehicle (EV) technologies. Lucid is a vertically integrated company that designs, engineers and builds electric vehicles, EV powertrains and battery systems in-house using our own equipment and factory.

Lucid has a 52-week high of $64.86 and a 52-week low of $9.60.