Lucid Group (NASDAQ:LCID) Posts Quarterly Earnings Results

Lucid Group (NASDAQ:LCID - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.04, Zacks reports. The company had revenue of ($573.36) million for the quarter, compared to the consensus estimate of $211.77 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%.

Lucid Group Trading Down 0.7 %

Shares of NASDAQ LCID traded down $0.02 during trading hours on Friday, hitting $2.22. 93,917,061 shares of the company traded hands, compared to its average volume of 86,073,984. Lucid Group has a 12 month low of $1.93 and a 12 month high of $4.43. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of -1.65 and a beta of 0.93. The company's 50 day moving average price is $2.97 and its 200 day moving average price is $2.96. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Analyst Ratings Changes

Several brokerages have commented on LCID. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $3.50 to $1.13 in a research note on Monday. Benchmark began coverage on Lucid Group in a research report on Wednesday, February 12th. They set a "buy" rating and a $5.00 price objective on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Wednesday. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $3.00 to $1.00 in a research note on Wednesday. Finally, Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.73.

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.