Lucid Group (NASDAQ:LCID) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Lucid Group reported a quarterly loss of ($0.28) EPS, which was $0.02 below analyst expectations.
• Despite the disappointing earnings, Lucid Group's stock experienced a minor increase of 0.4%, trading at $2.42.
• Analysts have a consensus rating of "Hold" on Lucid Group's stock, with a target price averaging $2.68, reflecting modest expectations for future performance.

Lucid Group (NASDAQ:LCID - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.02), Zacks reports. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%.

Lucid Group Stock Up 0.4%

Lucid Group stock traded up $0.01 during mid-day trading on Tuesday, hitting $2.42. The company had a trading volume of 86,909,684 shares, compared to its average volume of 119,264,492. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of -2.00 and a beta of 0.79. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65. The business has a fifty day moving average of $2.37 and a 200 day moving average of $2.49.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on LCID shares. Robert W. Baird increased their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, Lucid Group has a consensus rating of "Hold" and an average target price of $2.68.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of LCID. Envestnet Asset Management Inc. grew its position in shares of Lucid Group by 13.8% during the second quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company's stock worth $87,000 after acquiring an additional 5,013 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company's stock worth $92,000 after acquiring an additional 19,294 shares during the last quarter. Royal Bank of Canada grew its position in shares of Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company's stock worth $267,000 after acquiring an additional 9,578 shares during the last quarter. Empowered Funds LLC grew its position in shares of Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company's stock worth $268,000 after acquiring an additional 11,252 shares during the last quarter. Finally, Focus Partners Wealth grew its position in shares of Lucid Group by 450.9% during the first quarter. Focus Partners Wealth now owns 215,241 shares of the company's stock worth $521,000 after acquiring an additional 176,170 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.

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