Lucid posts quarterly revenue well below estimates as EV price war hits demand
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U.S. EV shares slump following news of Lucid (LCID) and Fisker (FSR) poor 1Q results and production cuts
May 9, 2023 1:44 PM EDTU.S. electric automakers saw a decline in share prices Tuesday morning following cuts to production forecasts by Lucid Group Inc (NASDAQ: LCID) and Fisker Inc (NYSE: FSR), with Lucid sliding 9% in early trading.
Fisker shares were last down 5.3% after the company reported quarterly results. The company reported 1Q EPS of ($0.38), $0.08 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $198 thousand versus the consensus estimate of $6.33 million. The EV maker also announced... More
Lucid’s (LCID) 1Q miss sends shares into pre-market dive as analysts sprint to adjust
May 9, 2023 8:53 AM EDTLucid Group (NASDAQ: LCID) reported its 1Q earnings results after the close Monday, reporting EPS of ($0.43), $0.04 worse than the consensus estimate of ($0.39). Revenue for the quarter came in at $149.4 million versus the consensus estimate of $199.35 million.
CFRA Research cut their 12-month target on LCID by $1.00 to $6.00 and cut 2023 EPS estimates to ($1.60) from ($1.40). CFRA analyst, Garret Nelson believes that LCID's weak top line suggests the EV pricing war may be taking its toll.
Analysts at Cantor Fitzgerald remain bullish on Lucid. However, they too lowered their price target on RIVN (to $10.00 from $13.00) due to... More
