Lucid stock surges on Citi's $17 price target and institutional bets
Lucid Group (LCID) has attracted fresh attention from investors and analysts. The electric vehicle maker's shares started trading on Thursday at $9.95, well below last year's high of $33.70. Meanwhile, Citi has initiated coverage with a bullish outlook, setting a $17 price target and a 'Buy' recommendation.
Recent regulatory filings reveal growing institutional interest in Lucid. Over the past year, 47 new or existing investors—including Tudor Investment Corp and Rockefeller Capital Management—have built positions in the company. Tudor alone now holds 57.25 million shares, worth around $1.36 billion, giving it a 17.66% stake.
Citi's optimism hinges on Lucid's revenue potential. The bank projects sales will climb from $1.4 billion in 2025 to $9.2 billion by 2028, driven by more affordable vehicle models. This forecast contrasts with broader market sentiment, where the average analyst rating remains at 'Reduce' with a $13.14 target price. Concerns over liquidity and debt levels continue to weigh on investor confidence. The stock's current price of $9.95 also sits below its 200-day average of $14.54. Despite the mixed outlook, institutional activity suggests some see long-term value in the company's growth plans.
Lucid's shares now trade at a fraction of their 12-month peak, reflecting both market caution and institutional bets on recovery. Citi's revenue projections and the influx of new investors highlight confidence in the company's expansion. Yet, ongoing concerns about finances mean the stock's path remains uncertain for now.
