Lucid Group (LCID) Stock Sinks As Market Gains: What You Should Know
Lucid Group (LCID) closed the most recent trading day at $7.12, moving -0.56% from the previous trading session. This change lagged the S&P 500's 0.85% gain on the day. At the same time, the Dow added 0.14%, and the tech-heavy Nasdaq gained 5.61%.
Heading into today, shares of the an electric vehicle automaker had gained 11.88% over the past month, lagging the Auto-Tires-Trucks sector's gain of 24.22% and outpacing the S&P 500's gain of 3.18% in that time.
Lucid Group will be looking to display strength as it nears its next earnings release, which is expected to be August 7, 2023. In that report, analysts expect Lucid Group to post earnings of -$0.38 per share. This would mark a year-over-year decline of 15.15%. Our most recent consensus estimate is calling for quarterly revenue of $222.13 million, up 128.2% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.46 per share and revenue of $791.21 million, which would represent changes of +7.01% and +30.09%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Lucid Group. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Lucid Group is holding a Zacks Rank of #3 (Hold) right now.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 31, putting it in the top 13% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow LCID in the coming trading sessions, be sure to utilize Zacks.com.
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Lucid Group, Inc. (LCID) : Free Stock Analysis Report
