Electric vehicle maker Lucid Group (NASDAQ:LCID) produced 2,391 vehicles and delivered 1,734 during the fourth quarter. The company had delivered 1,457 vehicles in the prior quarter.
For Fiscal Year 2023, the company produced 8,428 vehicles and delivered a total of 6,000. As consumers faced rising interest rates last year, the company resorted to higher discounts to drive sales in November.
Despite these efforts and the uptick in vehicle deliveries, the company’s share price has tanked by nearly 52% over the past year. Moreover, short interest in the stock continues to remain elevated. In addition, the company announced the departure of its CFO, Sherry House, last month.
Lucid is scheduled to report its fourth-quarter results on February 21. Analysts expect Lucid to incur a net loss per share of $0.30 on revenue of $189.9 million for the quarter. In the comparable year-ago period, Lucid’s EPS of -$0.28 had missed the Street’s expectations by a wide margin of $0.13.
What is a Good Price for Lucid Stock?
Overall, the consensus rating for Lucid shares remains a Hold. Following the mega value erosion in the company’s share price, the average LCID price target of $5.21 points to a substantial 62% potential upside in the stock. Meanwhile, the stock is now languishing at its all-time lows.
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