Why Lucid Group Shares Bounced Today

Shares of electric vehicle (EV) manufacturer Lucid Group (NASDAQ: LCID) bounced today after seeing double-digit losses last week. After dropping more than 13% over the past five days, Lucid jumped as much as 4.5% Monday morning. The stock gave back some of those gains but still remained up about 0.4% as of 2:03 p.m. ET.

Lucid picked up new coverage from analysts at global institutional banker Exane BNP Paribas today, giving the EV start-up the equivalent of a buy rating, as shared by StreetInsider.com. That helped bolster the stock after its drop last week as BNP touted Lucid's in-house technologies as well as its Saudi Arabian connections.

Source Fool.com