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

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

Lucid Group Price Performance

Shares of NASDAQ LCID traded down $0.18 during mid-day trading on Wednesday, reaching $2.91. 46,081,776 shares of the company traded hands, compared to its average volume of 32,293,818. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The firm has a market cap of $6.71 billion, a PE ratio of -2.29 and a beta of 1.04. Lucid Group has a fifty-two week low of $2.29 and a fifty-two week high of $7.30. The stock has a fifty day simple moving average of $3.02 and a 200-day simple moving average of $2.96.

Wall Street Analyst Weigh In

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

Lucid Group Company Profile

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.