Lucid Group (NASDAQ:LCID) Shares Gap Down on Disappointing Earnings

Key Points

• Lucid Group's stock gapped down to $2.24 after reporting a quarterly EPS of ($0.24), missing consensus estimates by ($0.02).
• The company had a revenue of $259.43 million, falling short of analyst expectations of $288.10 million, although it represented a 29.3% increase from the same quarter last year.
• Most analysts maintain a "Hold" rating for Lucid Group, with a consensus price target of $2.68, reflecting cautious sentiment following the earnings report.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.42, but opened at $2.24. Lucid Group shares last traded at $2.24, with a volume of 32,184,130 shares changing hands.

The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $259.43 million during the quarter, compared to analysts' expectations of $288.10 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. Lucid Group's quarterly revenue was up 29.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.29) EPS.

Analysts Set New Price Targets

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

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Public Investment Fund increased its stake in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. increased its stake in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after purchasing an additional 615,108 shares during the period. Geode Capital Management LLC increased its stake in Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC increased its stake in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP increased its stake in Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Price Performance

The company has a market capitalization of $6.79 billion, a PE ratio of -1.84 and a beta of 0.79. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The stock's 50 day simple moving average is $2.36 and its 200-day simple moving average is $2.49.

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.

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