Lucid Group Inc (NASDAQ:LCID) Reports Earnings, Beats Expectations of $0.25 EPS


Lucid Group (NASDAQ:LCID – Get Rating) released its results on Thursday. The company reported earnings per share of -0.05 for the quarter, beating consensus analyst estimates of -0.30 by 0.25, MarketWatch Earnings reports. The company posted revenue of 57.70 million for the quarter, against analyst estimates of 55.56 million. Lucid Group’s revenue increased by 18334.5% compared to the same quarter last year.

Shares of LCID traded down 0.70 on Friday, hitting 18.15. The company’s shares had a trading volume of 25,371,700 shares, compared to its average volume of 20,708,362. The company has a quick ratio of 16.11, a current ratio of 16.43 and a leverage of 0.51. The company has a 50-day moving average price of 22.57 and a 200-day moving average price of 32.48. Lucid Group has a fifty-two week low of 16.12 and a fifty-two week high of 57.75.

Hedge funds have recently been buying and selling stocks. Belpointe Asset Management LLC bought a new position in Lucid Group in Q4 worth approximately $151,000. Heritage Wealth Advisors increased its position in Lucid Group by 14.3% in the fourth quarter. Heritage Wealth Advisors now owns 4,000 shares of the company worth $152,000 after buying an additional 500 shares in the last quarter. NEXT Financial Group Inc increased its position in Lucid Group by 91.0% in Q4. NEXT Financial Group Inc now owns 10,492 shares of the company worth $399,000 after purchasing an additional 4,999 shares in the last quarter. Forum Financial Management LP bought a new position in Lucid Group in Q4 for a value of approximately $453,000. Finally, Strategic Wealth Advisors Group LLC raised its position in Lucid Group by 11.1% in the 4th quarter. Strategic Wealth Advisors Group LLC now owns 15,582 shares of the company worth $638,000 after purchasing an additional 1,554 shares in the last quarter. Hedge funds and other institutional investors hold 69.37% of the company’s shares.

A number of research companies have weighed in on LCID. Citigroup cut its price target on Lucid Group from $57.00 to $45.00 in a Tuesday, March 1 report. Exane BNP Paribas began covering Lucid Group in a report on Monday April 11. They set an “outperformance” rating on the stock. Redburn Partners began covering Lucid Group in a report on Tuesday, January 11. They set a “neutral” rating on the stock. Zacks Investment Research upgraded Lucid Group from a “sell” rating to a “hold” rating in a Tuesday, May 3 report. Finally, Morgan Stanley lowered its price target on Lucid Group from $16.00 to $12.00 and set an “underweight” rating on the stock in a Thursday, March 3 report. One equity research analyst gave the stock a sell rating, three gave the company a hold rating and five gave the company a buy rating. According to MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average target price of 35.67.

About Lucid Group (Get a rating)

Lucid Group, Inc, a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers and builds electric vehicles, electric vehicle powertrains and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc. was founded in 2007 and is headquartered in Newark, California.

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