FY2024 EPS Estimates for Lucid Group, Inc. Reduced by Cantor Fitzgerald (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID) – Analysts at Cantor Fitzgerald dropped their FY2024 earnings per share estimates for shares of Lucid Group in a research note issued to investors on Tuesday, August 6th. Cantor Fitzgerald analyst A. Sheppard now anticipates that the company will earn ($1.24) per share for the year, down from their prior estimate of ($1.04). Cantor Fitzgerald currently has a “Neutral” rating and a $4.00 target price on the stock. The consensus estimate for Lucid Group’s current full-year earnings is ($1.17) per share.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company’s revenue was up 32.9% on a year-over-year basis. During the same period last year, the firm posted ($0.40) EPS.

A number of other research firms also recently weighed in on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Citigroup restated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Stifel Nicolaus cut their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average price target of $4.14.

Lucid Group Trading Up 1.3 %

LCID traded up $0.04 during midday trading on Thursday, reaching $3.19. 26,426,957 shares of the company’s stock traded hands, compared to its average volume of 32,217,201. Lucid Group has a 52 week low of $2.29 and a 52 week high of $7.20. The firm has a fifty day moving average of $3.04 and a two-hundred day moving average of $2.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of -2.51 and a beta of 1.04.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Accredited Investors Inc. bought a new position in Lucid Group in the 2nd quarter worth $27,000. GAMMA Investing LLC bought a new stake in Lucid Group in the 4th quarter worth approximately $28,000. Meeder Advisory Services Inc. purchased a new stake in shares of Lucid Group during the 1st quarter worth approximately $29,000. Norden Group LLC purchased a new stake in shares of Lucid Group during the 1st quarter worth approximately $32,000. Finally, Heritage Wealth Advisors raised its holdings in shares of Lucid Group by 53.3% during the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after acquiring an additional 4,000 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.