Lucid Group Analysts Cut Their Forecasts After Q4 Results
Portfolio Pulse from Avi Kapoor
Lucid Group Inc (NASDAQ:LCID) reported Q4 financial results with revenue of $157.2 million, missing estimates, but a smaller loss per share than expected. The company produced 2,391 vehicles and delivered 1,734 in Q4, and issued a full-year production guidance of approximately 9,000 vehicles. Following the report, Lucid shares fell 16.8% to $3.08. Analysts from Cantor Fitzgerald and B of A Securities adjusted their price targets on Lucid Group, with Cantor Fitzgerald also downgrading the stock.
February 22, 2024 | 5:40 pm
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Lucid Group reported mixed Q4 results, missing revenue estimates but beating loss per share expectations. Shares dropped 16.8% following the announcement. Analysts adjusted price targets, indicating a bearish outlook.
The mixed Q4 results, with a revenue miss and a smaller-than-expected loss per share, led to a significant drop in Lucid's stock price. The adjustments in price targets by analysts from Cantor Fitzgerald and B of A Securities, including a downgrade by Cantor Fitzgerald, suggest a bearish outlook on the stock, likely influencing investor sentiment negatively in the short term.
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