Lucid Group, Inc. ( LCID ) shares are trading lower Wednesday. The stock may be pulling back after gaining in anticipation of the new tariff on electric vehicles made in China.

The Details:

Lucid shares climbed earlier in the week amid reports that increased tariffs were imminent and ahead of the official announcement. President Biden announced Tuesday a significant increase in tariffs on a range of Chinese goods, including electric vehicles, EV batteries and critical minerals. 

The stock may have also benefited from the recent "meme stock" rally which saw heavily-shorted stocks gaining amid a retail-fueled rally in GameStop and AMC Entertainment shares.

Lucid shares are dipping Wednesday, though the stock remains up by more than 5% over the past five days and up 18% over the past month.

According to data from Benzinga Pro, 29.16% of available shares are being sold short and shares are trading above the stock’s 50-day moving average of $2.72.

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Will LCID Stock Go Up?

When trying to assess whether or not Lucid will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $3.55 on Lucid Group ( LCID ). The Street high target is currently at $4.50 and the Street low target is $2.90. Of all the analysts covering Lucid, no one has positive ratings, 6 have neutral ratings and 2 have negative ratings.

In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Lucid Gr have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Lucid Group ( LCID ) is 60.24% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Lucid Group ( LCID ), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

LCID Price Action: According to Benzinga Pro, Lucid shares are down 8.17% at $2.86 at the time of publication Wednesday.

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