Lucid Group Analysts Cut Their Forecasts After Q4 Results

Lucid Group Inc LCID reported mixed fourth-quarter financial results on Wednesday.

Lucid reported fourth-quarter revenue of $157.2 million, which missed the consensus estimate of $179.88 million, according to Benzinga Pro. The electric vehicle company reported a quarterly loss of 29 cents per share, which beat analyst estimates for a loss of 32 cents per share.

Lucid said it produced 2,391 vehicles in the fourth quarter and delivered 1,734.

“Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world,” said Peter Rawlinson, CTO and CEO of Lucid. “As we start 2024, I’m very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth.”

Lucid issued full-year production guidance of approximately 9,000 vehicles. The company said it will continue to prudently manage and adjust production to meet sales and delivery needs.

Lucid shares fell 16.8% to trade at $3.08 on Thursday.

These analysts made changes to their price targets on Lucid Group after the company reported quarterly results.

• Cantor Fitzgerald cut the price target on Lucid Group from $6 to $4. Cantor Fitzgerald analyst Andres Sheppard downgraded the stock from Neutral to Underweight.
• B of A Securities slashed the price target on Lucid Group from $7 to $4.5. B of A Securities analyst John Murphy maintained a Neutral rating.

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