Lucid Group (NASDAQ:LCID) declined in pre-market trading after its Q4 revenues left investors disappointed. The manufacturer of electric luxury sports cars posted fourth-quarter revenues of $157.2 million, a decline of 39% year-over-year and below Street estimates of $179.8 million.
In the fourth quarter, the company produced 2,391 vehicles and delivered 1,734. Lucid reported a loss of $0.29 per share compared to a loss of $0.28 per share in the same period last year. Analysts were expecting the company to report a loss of $0.30 per share.
The EV maker expects to produce 9,000 vehicles in 2024.
What Is a Good Price for LCID Stock?
Analysts remain sidelined about LCID stock with a Hold consensus rating based on seven Holds and two Sells. LCID has plunged by more than 60% over the past year, and the average LCID price target of $5 implies an upside potential of 35.1% at current levels. However, it’s worth noting that estimates will likely change following today’s earnings report.
