Lucid Group, Inc. (NASDAQ:LCID) shares are trading higher Monday on reports indicating President Biden will increase tariffs on electric vehicles produced in China.

The Details:

According to a Bloomberg report, the Biden administration plans to raise tariffs on Chinese electric vehicle imports from 25% to 100%, Sources familiar with the situation said the administration is expected to announce the tariffs on EVs and other clean energy imports on Tuesday.

Lucid shares are moving on heavy trading volume Monday with more than 39.5 million shares traded in the session. According to data from Benzinga Pro, the stock's 100-day average volume is 26.737 million shares and 29.16% of shares are being sold short.

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Is LCID A Good Stock To Buy?

Wall Street analysts view Lucid Group on the whole as a Neutral, given the history of coverage over the past three months. Tom Narayan from RBC Capital in Lucid Group is the most bearish, expecting a 50% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Lucid fell 17.35%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 15.6% over the past year.

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LCID Price Action: According to Benzinga Pro, Lucid Group shares are up 5.45% at $2.80 at the time of publication Monday.

Image: Courtesy of Lucid Group, Inc.