What's Going On With Lucid Stock Monday?

Lucid Group Inc LCID shares are in the spotlight Monday ahead of earnings. Here’s what you need to know before the EV maker reports second-quarter financial results after the market close.

What To Know: Lucid is due to report second-quarter results after the bell. According to estimates from Benzinga Pro, the company is expected to report a loss of 26 cents per share and revenue of $192.06 million. In the comparable quarter last year, Lucid reported a loss of 40 cents per share on revenue of $150.87 million.

Lucid announced production and delivery totals for the second quarter last month. The company said it produced 2,110 vehicles and delivered 2,394 vehicles during the quarter. For comparison, Lucid said it produced 1,728 vehicles and delivered 1,967 in the first quarter.

Last quarter, Lucid beat analyst estimates on the top line, reporting revenue of $172.7 million, but missed bottom-line estimates, delivering a loss of 30 cents per share versus estimates for a loss of 25 cents per share.

Lucid ended the first quarter with approximately $5.03 billion in total liquidity after raising $1 billion from an affiliate of the Public Investment Fund (PIF).

“I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF,” Lucid CEO Peter Rawlinson said at the time.

Lucid said last quarter that it remained on track for full-year production of 9,000 vehicles in 2024 as sales momentum was “building.” The company also remains focused on cost optimization as it enters the next “transformational phase” for Lucid’s end markets.

It’s worth noting that the broader market is facing heavy selling pressure on Monday, which appears to be driving some of the weakness in Lucid shares ahead of the print.

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LCID Stock Prediction 2024

Lucid’s revenue growth in FY23 was -2.12%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.2%, growing 2.6% from last year. The unemployment rate was most recently reported as 4.3%.

An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Lucid stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

LCID Price Action: Lucid shares were down 2.95% at $3.02 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.