Lucid Group (NASDAQ:LCID) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Posted by on Aug 9th, 2023

Lucid Group (NASDAQ:LCID – Get Free Report) posted its earnings results on Monday. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.05), Briefing.com reports. The business had revenue of $150.90 million for the quarter, compared to the consensus estimate of $181.58 million. Lucid Group had a negative return on equity of 59.10% and a negative net margin of 286.13%. Lucid Group’s revenue for the quarter was up 55.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.33) earnings per share.

Lucid Group Trading Up 12.2 %

Shares of NASDAQ:LCID opened at $7.19 on Wednesday. The company has a 50-day simple moving average of $6.82 and a 200 day simple moving average of $7.92. The company has a market capitalization of $13.19 billion, a P/E ratio of -4.99 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.06 and a current ratio of 4.06. Lucid Group has a 52-week low of $5.46 and a 52-week high of $19.16.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund acquired 265,693,703 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was bought at an average cost of $6.83 per share, with a total value of $1,814,687,991.49. Following the completion of the transaction, the director now directly owns 1,366,658,905 shares in the company, valued at approximately $9,334,280,321.15. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 62.50% of the company’s stock.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Lucid Group by 36.7% in the 1st quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock valued at $983,933,000 after buying an additional 10,400,923 shares during the last quarter. State Street Corp boosted its holdings in Lucid Group by 80.9% in the 2nd quarter. State Street Corp now owns 10,822,778 shares of the company’s stock valued at $185,719,000 after purchasing an additional 4,841,301 shares during the period. Norges Bank acquired a new position in shares of Lucid Group during the 4th quarter worth approximately $29,347,000. BlackRock Inc. increased its holdings in shares of Lucid Group by 23.7% during the first quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after purchasing an additional 2,990,659 shares during the period. Finally, Nomura Holdings Inc. increased its holdings in shares of Lucid Group by 101.1% during the second quarter. Nomura Holdings Inc. now owns 18,159 shares of the company’s stock worth $309,000 after purchasing an additional 1,699,534 shares during the period. Institutional investors and hedge funds own 71.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on LCID. Needham & Company LLC cut their price objective on shares of Lucid Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday. Citigroup started coverage on Lucid Group in a research report on Sunday, July 2nd. They set a “neutral” rating and a $8.00 price objective for the company. Bank of America assumed coverage on Lucid Group in a research report on Monday, July 17th. They issued a “neutral” rating and a $8.00 target price on the stock. Finally, Cantor Fitzgerald cut their target price on Lucid Group from $13.00 to $10.00 in a research note on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.14.

View Our Latest Report on LCID

Lucid Group Company Profile

(Get Free Report)

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.

Featured Articles

Earnings History for Lucid Group (NASDAQ:LCID)

Receive News & Ratings for Lucid Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lucid Group and related companies with MarketBeat.com's FREE daily email newsletter.