Lucid Group (NASDAQ:LCID) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Lucid Group (NASDAQ:LCID - Get Free Report) announced its earnings results on Tuesday. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01), Zacks reports. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. During the same period in the previous year, the company earned ($0.27) EPS. Lucid Group's revenue was up 36.1% compared to the same quarter last year.

Lucid Group Trading Up 8.7 %

Lucid Group stock traded up $0.20 during trading on Friday, hitting $2.51. The company had a trading volume of 161,260,132 shares, compared to its average volume of 66,242,776. The stock has a market cap of $7.61 billion, a price-to-earnings ratio of -1.87 and a beta of 0.88. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.43. The company's 50 day simple moving average is $2.36 and its 200-day simple moving average is $2.55.

Analysts Set New Price Targets

Several equities research analysts have issued reports on LCID shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Stifel Nicolaus decreased their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective on the stock in a research report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Lucid Group has an average rating of "Hold" and a consensus target price of $2.68.

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.