Key Highlights
- 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 rating and $17 price target, becoming one of only two bullish analysts on Wall Street covering LCID
- Citi forecasts revenue expansion from $1.4B in 2025 to $9.2B by 2028, supported by lower-cost vehicle launches
- Analyst consensus remains at “Reduce” with a mean price target of $13.14, citing ongoing cash consumption and leverage concerns
- Shares opened Thursday at $9.95, trading significantly below the 12-month peak of $33.70 and the 200-day moving average of $14.54
Lucid Group ($LCID) received substantial backing this week from both institutional investors and Wall Street analysts, though broader market sentiment remains mixed.
Tudor Investment Corp disclosed a position of 57.25 million shares during the third quarter, representing approximately $1.36 billion in value. This acquisition establishes Tudor as the dominant institutional shareholder with a 17.66% ownership stake. Within Tudor’s broader portfolio, LCID accounts for roughly 0.8% of total assets and ranks as the 19th-largest position.
Other institutional players have similarly increased their exposure to Lucid. Rockefeller Capital Management expanded its holdings by 11.1% during Q2, while Highbridge Capital Management, HBK Investments, and Y Intercept Hong Kong established fresh positions throughout the year. Institutional ownership now totals approximately 75.17% of outstanding shares.
Thursday morning brought coverage initiation from Citi, which assigned a Buy rating alongside a $17 price target. Analyst Michael Ward highlighted the Gravity model ramp, the forthcoming Cosmos launch, and the strategic Uber partnership as critical catalysts. The firm’s analysis suggests these initiatives create a viable pathway toward achieving breakeven operations.
Ward outlined a demanding execution schedule: Gravity deliveries commenced in Q4 2025, Cosmos manufacturing begins in Q4 2026, and the Uber robotaxi partnership targets commercial deployment by year-end. The company also plans to introduce monthly autonomous vehicle subscriptions in 2027 while expanding European market penetration in 2026.
Projected Revenue Trajectory from Citi
Citi’s financial projections show significant growth potential. Following $1.4 billion in revenue during 2025, the investment bank forecasts $2.4B for 2026, $5.9B for 2027, and $9.2B by 2028. This accelerated growth depends heavily on successful execution of the lower-priced midsize vehicle portfolio.
Citi’s analysis indicates Lucid maintains sufficient liquidity to operate through the latter half of 2027. The bank suggested that future capital market transactions could remove investor uncertainty and redirect attention toward technological advantages and product development.
Citi’s Buy recommendation represents only the second bullish stance among Wall Street analysts covering LCID. This limited optimism presents a narrow foundation of support for shares currently trading beneath most analyst projections.
Analyst Community Perspective
The wider analyst community maintains a more reserved outlook. Morgan Stanley moved LCID to “Underweight” in December while reducing its target from $30 down to $10. Cantor Fitzgerald lowered its target from $21 to $14 with a “Neutral” stance in February. Royal Bank of Canada maintained its “Sector Perform” rating with a $10 target during the same period. Zacks elevated the stock from “Strong Sell” to “Hold” in early March.
The aggregate consensus lands at “Reduce” with a mean price target of $13.14, exceeding current trading levels while the overall recommendation skews negative. The rating breakdown includes two Buy recommendations, five Hold ratings, and three Sell ratings.
Regarding product development, Lucid has outlined plans for three additional models: the Lucid Cosmos, Lucid Earth, and a Lunar robotaxi prototype, all utilizing a midsize architecture with targeted entry pricing under $50,000.
LCID began Thursday’s session at $9.95. The 50-day moving average stands at $10.38, while the 200-day reaches $14.54. The stock’s 12-month range spans from $9.12 to $33.70. The company maintains a debt-to-equity ratio of 3.00 with a market capitalization of $3.26 billion.
Shares advanced 1.4% during Thursday morning activity following Citi’s coverage announcement.
