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Lucid Stock: Short Bets Ease, Investors Buy In
10 Sep
Summary
- Short interest in Lucid Group eased in mid-August.
- Major investors like Uber and BlackRock increased holdings.
- Analyst price targets for LCID show a wide divergence.
As of mid-August, Lucid Group (LCID) experienced a slight reduction in its heavily shorted status, with short positions dropping to 41% of its float. This indicates a potential easing of bearish sentiment among traders.
Investor positioning saw notable shifts in the second quarter. Uber Technologies notably expanded its stake by over 24 million shares. Other institutional investors, including BlackRock, UBS Group, State Street, and Geode Capital Management, also increased their holdings.
Despite these shifts, analyst targets present a wide spectrum of opinions. Four recent analyst ratings yielded a median target of $13, though individual targets from Citigroup and Cantor Fitzgerald at $14 contrast with TD Cowen's $7 assessment.
This news follows a day where LCID stock experienced a notable decline, falling approximately 7% on Wednesday.
