Lucid Group Inc.’s EVs might be getting awards, but LCID stock is at the same level as January 2023 after rallying 188% in February 2023. The luxury EV manufacturer has been struggling since the company went public via a Special Purpose Acquisition Company (SPAC) merger in 2021.
Moreover, the LCID share price has decreased by 77.51% since July 2022. Meaning the financials and operations are not going Lucid anymore.
Lucid Group Inc. (LCID Stock) – Financial Anatomy
The competition in the EV realm is more intense than ever; at press time, LCID stock is trading at $6.21, with a drop of 1.11% in 24 hours. Previous close and open were at $6.28 and $6.35, respectively. The 52-week change comes with a decline of 61.93%. Analysts paced a 2.13 rating for HOLD and placed the price target at $9.76 with an optimistic upside of 57.6%.
Looking at its competitors in the electric vehicles segment, NIO Inc. (NYSE: NIO) is trading 2.6% higher at $7.87, Rivian Automotive Inc. (NASDAQ: RIVN), with a 1.1% jump at $14.50, Xpeng Inc. (NYSE: XPEV) gained 2.4% at $8.65, Polestar Automotive Holdings Uk Plc (NASDAQ: PSNY) jumped 4.3% to $3.39, and Oshkosh Corp. (NYSE: OSK) rallied 2.7% to $83.13.
The last earnings were reported on May 8, 2023, with estimated revenue of $204.364 Million and said to be $149.432 Million with a 26.88% correction in a surprise of negative $54.935 Million. At the same time, basic Earnings Per Share (EPS) is reported to be minus $1.15.
Concerning March 2023 data, revenue in the quarter jumped 159.09% to $149.43 Million, while the trailing twelve-month (ttm) revenue is $699.64 Million. The revenue per share is $0.41, and the quarterly revenue growth year-over-year (YoY) jumped by 159.10%.
Moreover, the luxury EV manufacturer lost around $1.04 Billion in fresh cash flow, and the loss per share under Generally Accepted Accounting Principles (GAAP) was $0.43, down from the loss of $0.36 in Q1 2022. Also, the net losses were reported to be $779 Million, a quarterly drop of 858.99%.
The net profit margin suffered by 270.13% to negative 521.66%, while the profit margin dropped by 286.13%. The ttm operating margin is down by 392.34%, and the gross profit fell to minus $1.04 Billion. Total cash in hand at the end of the most recent quarter (mrq) is $2.98 Billion, and the debt in a similar time-lapse is $2.35 Billion.
Lucid Group Inc. (LCID Stock) – Candle Examination
A steep downward trajectory of EMA and a weak RSI of 35.55 are not bringing any good news for the LCID share price. Moreover, it’s sitting at a yearly low at the very point it started 2023 with. If the company manages to salvage its finances, price action could co-relate with the automotive indices.
A drop from this point could be disastrous, while for a northbound movement, the price action would face its first hurdle at immediate resistance at $8.22. Post that, the drive across R1 and R2 shall be lucid. But for now, the price is supposed to consolidate within a close range.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/11/lcid-stock-needs-solid-financials-to-fight-ev-competition/