Key Takeaways
- Tudor Investment Corp acquired 57.25 million shares of LCID valued at approximately $1.36 billion, establishing a 17.66% ownership position
- Citi launched coverage with a Buy recommendation and $17 price target — representing just the second bullish analyst rating for LCID
- Citi anticipates Lucid’s revenue expanding from $1.4B in 2025 to $9.2B by 2028, fueled by upcoming affordable vehicle models
- The broader Wall Street view remains at “Reduce” with a consensus price target of $13.14, as analysts weigh cash consumption and leverage concerns
- LCID shares started trading Thursday at $9.95, significantly under the 12-month peak of $33.70 and the 200-day moving average of $14.54
Lucid Group ($LCID) received notable endorsements this week — though Wall Street remains divided on the electric vehicle maker’s prospects.
Tudor Investment Corp accumulated 57.25 million shares of LCID during the third quarter, representing approximately $1.36 billion in value. This position grants the investment firm a 17.66% ownership interest in Lucid, positioning it as the company’s top institutional shareholder. The LCID investment now accounts for roughly 0.8% of Tudor’s entire portfolio and ranks as its 19th-largest holding.
Tudor isn’t the only major player increasing its Lucid exposure. Rockefeller Capital Management boosted its position by 11.1% in the second quarter, while Highbridge Capital Management, HBK Investments, and Y Intercept Hong Kong each established fresh positions during the year. Institutional investors collectively control approximately 75.17% of outstanding shares.
Thursday morning brought another positive development when Citi launched coverage on Lucid with a Buy recommendation and $17 price objective. Analyst Michael Ward highlighted momentum in the Gravity model, the forthcoming Cosmos debut, and the strategic Uber collaboration as critical catalysts. The firm projects these elements will guide Lucid toward profitability.
Ward outlined an aggressive execution schedule: the Gravity rollout concluded in the fourth quarter of 2025, Cosmos manufacturing is slated to commence in Q4 2026, and the Uber autonomous vehicle is anticipated to enter commercial service by year-end. Lucid also intends to introduce monthly self-driving subscriptions in 2027 while expanding its European presence throughout 2026.
Citi’s Aggressive Revenue Projections
Citi’s financial outlook is notably optimistic. Following Lucid’s $1.4 billion revenue achievement in 2025, the investment bank forecasts $2.4B for 2026, $5.9B in 2027, and $9.2B by 2028. This growth trajectory depends on successful production scaling of the company’s lower-priced midsize vehicle range.
Citi further indicated confidence that Lucid possesses adequate liquidity extending through late 2027. Any future capital market transactions, according to the bank, could eliminate uncertainty and redirect investor attention toward the company’s product innovation and technological advantages.
Notably, Citi’s Buy recommendation marks only the second optimistic rating on LCID from the analyst community. This represents a narrow foundation of support for shares currently trading beneath most analyst projections.
The Broader Analyst Landscape
The wider analyst consensus takes a more reserved stance. Morgan Stanley downgraded LCID to “Underweight” in December while reducing its price target dramatically from $30 to $10. Cantor Fitzgerald lowered its objective from $21 to $14 with a “Neutral” stance in February. Royal Bank of Canada maintained its “Sector Perform” recommendation with a $10 target during the same period. Zacks Research did elevate the stock from “Strong Sell” to “Hold” in early March.
The aggregate consensus rating stands at “Reduce” with a mean price target of $13.14 — modestly above current trading levels, though the overall sentiment leans negative. The analyst breakdown shows two Buy ratings, five Hold recommendations, and three Sell ratings.
Regarding future products, Lucid has outlined plans for three additional models: the Lucid Cosmos, Lucid Earth, and a Lunar autonomous taxi concept, all constructed on a midsize architecture targeting an entry price under $50,000.
LCID began Thursday’s session at $9.95. The 50-day moving average stands at $10.38, while the 200-day average sits at $14.54. The stock’s 12-month range spans from a low of $9.12 to a high of $33.70. The company maintains a debt-to-equity ratio of 3.00 with a market capitalization of $3.26 billion.
Shares appreciated 1.4% during Thursday’s early trading hours following Citi’s coverage initiation.
