Lucid Group (NASDAQ:LCID) Issues Earnings Results

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

Lucid Group Price Performance

Shares of Lucid Group stock opened at $3.09 on Wednesday. The business has a 50 day moving average of $3.02 and a 200 day moving average of $2.96. Lucid Group has a 52 week low of $2.29 and a 52 week high of $7.30. The company has a market cap of $7.13 billion, a PE ratio of -2.43 and a beta of 1.04. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of recent research reports. Stifel Nicolaus dropped their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Tuesday. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. Cantor Fitzgerald upgraded shares of Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price target for the company in a research report on Tuesday. Finally, Citigroup reissued a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Two investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, the company 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.