Shares of Lucid Group (NASDAQ:LCID) lost nearly 6% in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.43, which missed analysts’ consensus estimate of -$0.39 per share. Sales increased by 159.1% year-over-year, with revenue hitting $149.43 million. This missed analysts’ expectations of $211.53 million.
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Lucid management offered up some forward projections. It expects to manufacture over 10,000 vehicles this year and believes that it has sufficient funding to cover the company’s needs through the first half of 2024. Given that it ended the first quarter of 2023 with $4.1 billion in total liquidity, it may reach that point.
Overall, Wall Street has a consensus price target of $9.92 on Lucid stock, implying 28.33% upside potential, as indicated by the graphic above.
