Is Lucid Group Stock a Buy Now?

Lucid Group (NASDAQ: LCID) posted its first-quarter earnings report on May 5. The electric vehicle (EV) maker generated $57.7 million in revenue from 360 vehicle deliveries, which beat analysts' expectations by $2.1 million. It only generated $330,000 in revenues in the prior-year quarter, which ended before it started its first shipments last October.

Lucid's operating loss widened from $298.8 million to $597.5 million, but its net loss narrowed from $2.92 billion (including a $2.17 billion payment related to its preferred stock) to $81.3 million. That trickled down to a net loss of $0.05 per share, which beat analysts' estimates by $0.29.

Lucid's headline numbers looked decent, but its stock stumbled following the report and remains down more than 50% this year. Should investors accumulate some shares of this fledgling EV maker in this difficult market?

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Source Fool.com