What's Going On With Lucid Stock Today?

Lucid Group Inc LCID shares are trading higher Thursday. Citigroup reinstated coverage on the stock and Needham initiated coverage. 

Citigroup analyst Itay Michaeli reinstated Lucid with a Buy rating and announced a $28 price target, citing solid positioning in the EV market.

Needham analyst Vikram Bagri initiated coverage on Lucid with an Underperform rating.

"The Lucid Air is the epitome of luxury in EV sedans and is attractively priced relative to its competition," Bagri wrote in a note to clients.

However, the Needham analyst remains cautious as he sees a slow ramp-up in production ahead. Bagri also noted that profitability is a long way out and the company will likely need additional capital in 2023. 

Related Link: Tesla Vs. Fisker Vs. Rivian Vs. Lucid: Analyst Weighs In On EV Makers As Adoption Shifts To Top Gear

Last month, Lucid cut its production guidance for 2022 to a range of 6,000 to 7,000 vehicles after producing 1,405 vehicles in the first half of the year.

LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $13.25.

The stock was up 0.87% at $16.78 at time of publication.

Photo: courtesy of Lucid.