Lucid Group (NASDAQ:LCID) Announces Earnings Results

Lucid Group (NASDAQ:LCID) announced its earnings results on Monday. The company reported ($0.30) EPS 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 analyst estimates of $173.54 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.43) earnings per share.

Lucid Group Stock Performance

NASDAQ LCID opened at $2.62 on Wednesday. The company’s fifty day moving average is $2.77 and its two-hundred day moving average is $3.49. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of -1.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. Lucid Group has a 52-week low of $2.29 and a 52-week high of $8.37.

Analyst Ratings Changes

LCID has been the topic of several recent analyst reports. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and cut their target price for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Citigroup reiterated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday. Bank of America dropped their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus dropped their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, February 26th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.34.

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.