TLDR
- Lucid Group (LCID) fell 3.79% to $2.03, underperforming the broader market’s 0.11% decline
- Stock has dropped 4.09% over the past month while the S&P 500 gained 5.17%
- Upcoming earnings expected to show EPS of -$0.24 and revenue of $292.12 million
- Analysts maintain mostly “Hold” ratings with average price target of $2.68
- Recent quarterly results missed EPS estimates by $0.01 but showed 36.1% revenue growth
Lucid Group stock took another hit Tuesday, closing down 3.79% at $2.03 per share. The electric vehicle maker’s decline came as the broader S&P 500 fell just 0.11%.
The stock has been struggling recently, losing 4.09% over the past month. During that same period, the S&P 500 managed to gain 5.17%, highlighting LCID’s underperformance.
Trading volume was heavy Tuesday with 89.4 million shares changing hands. That represents a 9% increase from the average daily volume of 82.3 million shares.
The stock hit an intraday low of $1.98 before recovering slightly to close at $2.03. LCID had closed the previous session at $2.11.
The company’s stock price sits well below its 50-day moving average of $2.38. It’s also trading under its 200-day moving average of $2.58.
Earnings Expectations Building
Investors are watching for Lucid’s upcoming earnings announcement. Wall Street expects the company to report an EPS loss of $0.24 per share.
That would represent a 17.24% improvement compared to the same quarter last year. Revenue is projected to reach $292.12 million, marking a 45.64% increase year-over-year.
For the full year, analysts expect Lucid to post losses of $0.92 per share. Revenue estimates call for $1.35 billion, which would be a 67.3% jump from the previous year.
The company’s most recent quarterly results showed mixed performance. LCID reported a loss of $0.24 per share, missing analyst estimates by one cent.
Revenue came in at $235.05 million, falling short of the $250.50 million estimate. However, the revenue figure still represented 36.1% growth compared to the prior year period.
Analyst Sentiment Remains Cautious
Wall Street analysts are taking a wait-and-see approach with LCID stock. The consensus rating is “Hold” with an average price target of $2.68.
TD Cowen recently initiated coverage with a “Hold” rating and $2.30 price target. Robert W. Baird raised its price target from $2.00 to $3.00 while maintaining a “Neutral” rating.
Benchmark stands out with a “Buy” rating and $5.00 price objective. Cantor Fitzgerald maintains a “Neutral” rating with a $3.00 target.
Two analysts rate the stock as a “Sell,” eight have “Hold” ratings, and two recommend “Buy.” The stock currently carries a Zacks Rank of #3 (Hold).
Lucid operates in the Automotive – Domestic industry, which ranks 213th out of 250+ industries. That puts it in the bottom 14% of all sectors tracked by Zacks.
The company maintains a market capitalization of $6.19 billion. Its debt-to-equity ratio stands at 0.65, while its current ratio is 3.32.
Institutional investors own 75.17% of LCID stock. Several hedge funds have recently adjusted their positions, with some adding new stakes during the first quarter.
The stock’s beta of 0.78 suggests it’s less volatile than the broader market. LCID reported a negative net margin of 275.73% and negative return on equity of 68.64% in its latest quarter.
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