Lucid (LCID) Stock Jumps as Tudor Goes All-In With $1.36B Investment

TLDR

• Tudor Investment Corp bought 57.25 million LCID shares worth ~$1.36 billion, taking a 17.66% stake
• Citi initiated coverage with a Buy rating and a $17 price target — only the second bull rating on Wall Street for LCID
• Citi projects Lucid’s revenue will grow from $1.4B in 2025 to $9.2B by 2028, driven by new lower-cost models
• Wall Street consensus remains “Reduce” with an average price target of $13.14, reflecting concerns over cash burn and debt
• LCID stock opened at $9.95, well below its 12-month high of $33.70 and its 200-day moving average of $14.54

Lucid Group ($LCID) is getting some big votes of confidence this week — but the Street as a whole isn’t quite convinced yet.

Lucid Group, Inc., LCID

Tudor Investment Corp picked up 57.25 million LCID shares in Q3, valued at around $1.36 billion. That gives the fund a 17.66% ownership stake in Lucid, making it the company’s largest institutional investor. LCID now represents about 0.8% of Tudor’s total portfolio and is its 19th-largest holding.

Tudor isn’t alone in adding exposure. Rockefeller Capital Management raised its stake by 11.1% in Q2, while Highbridge Capital Management, HBK Investments, and Y Intercept Hong Kong all opened new positions earlier this year. Total institutional ownership now sits at around 75.17%.

On Thursday morning, Citi initiated coverage on Lucid with a Buy rating and a $17 price target. Analyst Michael Ward called out Gravity model acceleration, the upcoming Cosmos launch, and the Uber partnership as key drivers. The firm believes these factors put Lucid on a path toward breakeven.

Ward pointed to a tight execution timeline: the Gravity launch wrapped up in Q4 2025, Cosmos production is set to begin in Q4 2026, and the Uber robotaxi is expected to start commercial operations by year-end. Lucid is also planning to roll out monthly autonomous subscriptions in 2027 and accelerate its European push in 2026.

Citi’s Revenue Forecast

Citi’s numbers are ambitious. After Lucid posted $1.4 billion in revenue in 2025, the bank projects $2.4B in 2026, $5.9B in 2027, and $9.2B in 2028. That ramp-up assumes successful production of the lower-priced midsize vehicle lineup.

Citi also said it believes Lucid has enough liquidity through the second half of 2027. Any additional capital market activity, the bank noted, could clear an overhang and shift investor focus back to product and technology.

Worth noting: Citi’s Buy rating is only the second bullish call on LCID from Wall Street. That’s a thin base of support for a stock trading below most analyst targets.

Where the Street Stands

The broader analyst picture is more cautious. Morgan Stanley downgraded LCID to “Underweight” in December and slashed its target from $30 to $10. Cantor Fitzgerald cut its target from $21 to $14 with a “Neutral” rating in February. Royal Bank of Canada held its “Sector Perform” rating with a $10 target that same month. Zacks did upgrade the stock from “Strong Sell” to “Hold” in early March.

The overall consensus sits at “Reduce” with an average price target of $13.14 — still above where the stock is trading, but the directional signal is negative. Two analysts rate it Buy, five Hold, and three Sell.

On the product roadmap, Lucid has laid out plans for three new models: the Lucid Cosmos, Lucid Earth, and a Lunar robotaxi concept, all built on a midsize platform with a target entry price below $50,000.

LCID opened Thursday at $9.95. The 50-day moving average is $10.38, the 200-day is $14.54. The stock has a 12-month low of $9.12 and a 12-month high of $33.70. The company carries a debt-to-equity ratio of 3.00 and a market cap of $3.26 billion.

Shares moved up 1.4% in Thursday morning trading following the Citi initiation.

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