Lucid Group (NASDAQ:LCID) Announces Quarterly Earnings Results

Lucid Group (NASDAQ:LCID) issued 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. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. During the same period in the previous year, the firm posted ($0.40) EPS. The firm’s revenue for the quarter was up 32.9% compared to the same quarter last year.

Lucid Group Trading Down 5.8 %

Shares of LCID traded down $0.18 on Wednesday, hitting $2.91. 45,825,051 shares of the stock traded hands, compared to its average volume of 32,292,502. The firm has a market capitalization of $6.71 billion, a P/E ratio of -2.29 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. Lucid Group has a 1 year low of $2.29 and a 1 year high of $7.30. The stock’s 50 day moving average is $3.02 and its two-hundred day moving average is $2.96.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on LCID. Citigroup reiterated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Cantor Fitzgerald raised shares of Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price objective for the company in a report on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, July 8th. Finally, Stifel Nicolaus cut their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Two research 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, Lucid Group presently has a consensus rating of “Hold” and an average price target 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.