Lucid Group (NASDAQ:LCID) Issues Earnings Results, Beats Estimates By $0.04 EPS

Lucid Group (NASDAQ:LCID) announced its quarterly earnings results on Tuesday. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.04, Zacks reports. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%.

Lucid Group Stock Performance

Lucid Group stock traded down $0.17 during mid-day trading on Tuesday, reaching $2.61. 111,683,024 shares of the company’s stock were exchanged, compared to its average volume of 82,735,258. The business’s fifty day simple moving average is $2.99 and its 200 day simple moving average is $2.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. Lucid Group has a one year low of $1.93 and a one year high of $4.43. The firm has a market capitalization of $7.86 billion, a PE ratio of -1.95 and a beta of 0.93.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Benchmark assumed coverage on shares of Lucid Group in a report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective for the company. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and cut their price target for the company from $3.50 to $1.13 in a research note on Monday. Finally, Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.90.

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.