Lucid Group (NASDAQ:LCID) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Lucid Group (NASDAQ:LCID) announced its quarterly earnings data on Monday. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02), Briefing.com reports. The company had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.40) earnings per share.

Lucid Group Stock Performance

NASDAQ LCID traded down $0.03 during mid-day trading on Wednesday, reaching $3.06. 24,522,189 shares of the stock were exchanged, compared to its average volume of 32,151,424. The company has a market capitalization of $7.06 billion, a P/E ratio of -2.45 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The business’s 50 day moving average is $3.02 and its 200-day moving average is $2.96. Lucid Group has a 1 year low of $2.29 and a 1 year high of $7.30.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on LCID shares. Citigroup reaffirmed a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a report on Monday, April 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday. Cantor Fitzgerald raised Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price objective on the stock in a report on Tuesday. Stifel Nicolaus decreased their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, July 8th. Two research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.14.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.