Lucid Group Inc (NASDAQ:LCID) posted downbeat financial results for the third quarter after the market close on Monday.

Lucid reported third-quarter revenue of $350.32 million, missing analyst estimates of approximately $407.31 million, according to Benzinga Pro. Total revenue was up 4% on a year-over-year basis.

The EV company reported an adjusted loss of $2.30 per share for the quarter, missing estimates for a loss of $2.28 per share.

“Our transformation is beginning to show progress. We are acting with urgency, strengthening the fundamentals and driving greater discipline, while continuing to invest in the priorities to deliver profitable long-term growth,” said Silvio Napoli, CEO of Lucid.

Lucid Group shares dipped 5.3% to $3.41 in pre-market trading.

These analysts made changes to their price targets on Lucid Group following earnings announcement.

• Baird analyst Ben Kallo maintained the stock with a Neutral and lowered the price target from $6 to $5.
• Cantor Fitzgerald analyst Andres Sheppard maintained the stock with a Neutral and cut the price target from $8 to $6.

Considering buying LCID stock? Here’s what analysts think:

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