Lucid Group (NASDAQ:LCID) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Lucid Group (NASDAQ:LCID) issued its quarterly earnings results on Monday. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05), Briefing.com reports. The firm had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. Lucid Group’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.43) earnings per share.

Lucid Group Stock Down 0.7 %

NASDAQ LCID traded down $0.02 during trading on Thursday, reaching $2.69. 6,410,873 shares of the company’s stock were exchanged, compared to its average volume of 32,804,461. The company has a 50 day moving average price of $2.75 and a two-hundred day moving average price of $3.47. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. Lucid Group has a 1 year low of $2.29 and a 1 year high of $8.37. The stock has a market cap of $6.19 billion, a P/E ratio of -1.93 and a beta of 1.04.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Stifel Nicolaus lowered their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday. Bank of America dropped their price objective on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $4.24.

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.