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Why Lucid Group (LCID) Outpaced the Stock Market Today

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Lucid Group (LCID - Free Report) closed at $2.55 in the latest trading session, marking a +1.19% move from the prior day. This change outpaced the S&P 500's 0.02% gain on the day. Meanwhile, the Dow experienced a drop of 0.11%, and the technology-dominated Nasdaq saw an increase of 0.1%.

Shares of the an electric vehicle automaker witnessed a loss of 8.7% over the previous month, beating the performance of the Auto-Tires-Trucks sector with its loss of 10.7% and underperforming the S&P 500's loss of 3.01%.

The upcoming earnings release of Lucid Group will be of great interest to investors. The company's earnings report is expected on May 6, 2024. The company's upcoming EPS is projected at -$0.25, signifying a 41.86% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $173.09 million, reflecting a 15.83% rise from the equivalent quarter last year.

LCID's full-year Zacks Consensus Estimates are calling for earnings of -$1.06 per share and revenue of $751.26 million. These results would represent year-over-year changes of +22.06% and +26.2%, respectively.

Investors should also take note of any recent adjustments to analyst estimates for Lucid Group. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Lucid Group is currently a Zacks Rank #3 (Hold).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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