Following a poor end to 2022, Lucid Motors (NASDAQ: LCID) continues to face challenges this year.
Lucid’s shares fell sharply on Tuesday, May 9, after the electric carmaker posted a wider-than-expected loss for Q1 2023. However, the company offered some comfort for investors, saying it still has enough cash to continue operating in 2024.
In turn, Finbold retrieved Lucid’s stock forecast based on its performance over the past three months, 12 analysts expressed their views on LCID stock on TradingView. 5 analysts currently rate the stock as a ‘Strong Buy’, 6 believe it’s a ‘Hold’, while only 1 rated it as a ‘Strong Sell’.
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In addition, 8 financial experts offered their 1-year forecasts for the stock, with estimates ranging from $5 per share to $12 per share. The consensus price target stands at $8.63 per share, up more than 18% from the stock’s current price of $7.28.
LCID price analysis
In the past 30 days, LCID has experienced a wide trading range from $6.71 to $8.65 per share. During that period, the company’s shares dropped around 4.6%, underperforming the broader S&P 500 stock market index’s minor climb of 0.2%.
Year-to-date, Lucid’s stock is up 4.4% thanks to the stock’s strong start to 2023. Still, shares remain down from their 52-week peak of $21.78 per share. At press time, LCID stood at $7.28 per share after seeing a slight drop of 0.7% in the premarket.
Lucid’s Q1 2023 earnings
Lucid’s latest share price drop comes after the company reported a Q1 net loss of $779.5 million, or 43 cents per share, significantly wider than the $81.3 million, or 5 cents per share, the company posted in the same quarter last year.
The automaker generated $149.4 million in revenue in the first quarter, a far cry from the Wall Street estimates of $209.9 million.
Still, Lucid said the company ended Q1 with roughly $3.4 billion in cash and around $700 million in credit lines at its disposal. The company’s CFO, Sherry House, said the available capital should be enough to fund Lucid’s operations at least until Q2 2024.
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