Shares of electric luxury sports cars manufacturer Lucid Group (NASDAQ:LCID) fell over 2% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at -$0.28, which beat analysts’ consensus estimate of -$0.36 per share.
Sales decreased by 29.5% year-over-year, with revenue hitting $137.8 million. This missed analysts’ expectations by $57.4 million. According to the California-based automaker, its revenue was driven by the 1,457 vehicle deliveries it made in the quarter.
Meanwhile, the company revised its production forecast for 2023 from a previous estimate of more than 10,000 cars to 8,000-8,500 vehicles. Lucid said this revision will help it carefully match deliveries.
Is Lucid a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Sell consensus rating on LCID stock based on one Hold and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average LCID price target of $6.50 per share implies 50.46% upside potential.
