CitiGroup lowered Lucid’s price target from $57 to $45, reiterated Buy rating

Citi Group analyst Itay Michaeli reiterated today Lucid‘s Buy rating lowering its price target from $57 to $45 after the company released its Earnings Results on Monday.

Earlier this month, Citigroup Inc has filed a 13F-HR form disclosing ownership of 362,694 shares of Lucid Group with total holdings valued at $13.8M as of 2021-12-31. On the previous 13F-HR form, the firm disclosed owning 11,307 shares of Lucid at a value of $0.287M. This represents a change in shares of 3,107% and a change in value of 4,708% during the quarter.

According to official data, the firm currently holds call options representing 855,000 of underlying shares valued at $32,533,000 USD and put options representing 2,243,500 of underlying shares valued at $85,365,000 USD .


Check out the keypoints from yesterday’s Earnings:

  • Production exceeds 400 vehicles as of February 28, 2022, with 125 customer deliveries as of year-end 2021 and over 300 deliveries to date;
  • 2022 production outlook updated to 12K – 14K vehicles;
  • Customer reservations > 25K for potential sales of $2.4B;
  • Cash-on-hand > $6.2B;
  • 2.85 million square foot expansion of Casa Grande, Arizona manufacturing facility on track; announced plans for new manufacturing facility in the Kingdom of Saudi Arabia;
  • Customer reservations now exceed 25,000, reflecting potential sales of more than $2.4B.
Lucid Air Model

The Company’s Q4 revenue was $26.4 million, including $21.3 million from initial deliveries of its innovative Lucid Air Dream Edition, which began in October. Lucid delivered 125 cars to customers in the fourth quarter, with total production exceeding 400 vehicles to date and over 300 deliveries to customers. Lucid has also taken over 25,000 customer reservations as of today, reflecting potential sales of more than $2.4B. The Company confirmed its 2.85Msquare foot expansion of the Casa Grande, Arizona manufacturing facility is on track, and it announced plans to build a new manufacturing facility in the Kingdom of Saudi Arabia. Lucid cited supply chain constraints and a continued focus on quality alongside an updated outlook for its 2022 production of Lucid Air to a range of 12,000 to 14,000 vehicles.


According to a drone footage posted last week by “Bear’s Workshop” on Youtube channel, over 100 Lucid Air models were seen at the factory park. The company had, this week, its first physical recall due to a safety issue that may affect 1% of the 203 recalled — 2 or 3.

Recently,the company inaugurated its newest Studio location at The Mall at Short Hills in Short Hills, New Jersey. This location serves as the 22nd in the company’s growing North American retail network. Lucid has 5 new studios planned to launch during the next months.