Lucid Group (NASDAQ:LCID) shares rallied by nearly 6% in the opening session today after the electric vehicle maker reported upbeat vehicle production and delivery numbers for the second quarter. The company also announced a date for its Q2 financial results.
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Lucid’s Q2 Deliveries
Lucid produced a total of 2,110 vehicles and delivered 2,394 units in Q2. In comparison, the company produced 1,728 vehicles and made 1,967 deliveries in the first quarter. Buoyed by these robust vehicle numbers, investors are pushing Lucid’s share price higher today. However, the stock remains nearly 63% lower over the past year amid broader industry concerns and its own challenges.
While Lucid is generating revenue, the company has yet to turn profitable. Moreover, it is burning cash at a rapid pace. Consequently, Lucid undertook a restructuring in May, which included a 6% trim of its headcount. At the time, Peter Rawlinson, the company’s CEO, noted that Lucid had not yet started generating revenue from its Gravity SUV and emphasized the necessity of focusing on costs.
Upcoming Results
As a result, Lucid’s Q2 numbers on August 5 will be closely watched. Analysts expect Lucid to report a net loss per share of $0.26 on revenue of $167.38 million for the quarter. In the comparable year-ago period, Lucid reported a net loss per share of $0.40, which missed expectations by $0.06.
Is Lucid a Buy, Sell, or Hold?
Overall, the Street has a Hold consensus rating for Lucid, alongside an average LCID price target of $3.22. This points to a modest 8.8% potential upside in the stock.
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