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Lucid Group (LCID) Rises Yet Lags Behind Market: Some Facts Worth Knowing

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Lucid Group (LCID - Free Report) closed the latest trading day at $2.46, indicating a +0.41% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 1.02% for the day. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq gained 2.03%.

Shares of the an electric vehicle automaker witnessed a loss of 14.04% over the previous month, trailing the performance of the Auto-Tires-Trucks sector with its loss of 6.37% and the S&P 500's loss of 3.15%.

Market participants will be closely following the financial results of Lucid Group in its upcoming release. The company plans to announce its earnings on May 6, 2024. The company is forecasted to report an EPS of -$0.25, showcasing a 41.86% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $173.09 million, indicating a 15.83% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$1.06 per share and a revenue of $751.26 million, representing changes of +22.06% and +26.2%, respectively, from the prior year.

Any recent changes to analyst estimates for Lucid Group should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. 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 82, putting it in the top 33% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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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