We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Lucid Group (LCID) Surges 5.3%: Is This an Indication of Further Gains?
Read MoreHide Full Article
Lucid Group (LCID - Free Report) shares ended the last trading session 5.3% higher at $7.11. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 34.5% loss over the past four weeks.
Lucid shares surged after a recent SEC filing showed that Uber owns an 11.5% stake in the company. This reflects a total investment of $500 million, making Uber one of the largest shareholders outside the Saudi Public Investment Fund. The financing announcement also outlined an expanded vehicle-related arrangement tied to Uber’s autonomy plans, supporting potential vehicle demand.
This an electric vehicle automaker is expected to post quarterly loss of $2.72 per share in its upcoming report, which represents a year-over-year change of -13.3%. Revenues are expected to be $428.67 million, up 82.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Lucid Group, the consensus EPS estimate for the quarter has been revised 10.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on LCID going forward to see if this recent jump can turn into more strength down the road.
Lucid Group belongs to the Zacks Automotive - Domestic industry. Another stock from the same industry, Rivian Automotive (RIVN - Free Report) , closed the last trading session 1.4% higher at $17.15. Over the past month, RIVN has returned 7.3%.
For Rivian Automotive, the consensus EPS estimate for the upcoming report has changed +2.6% over the past month to -$0.6. This represents a change of -46.3% from what the company reported a year ago. Rivian Automotive currently has a Zacks Rank of #3 (Hold).
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Bigstock
Lucid Group (LCID) Surges 5.3%: Is This an Indication of Further Gains?
Lucid Group (LCID - Free Report) shares ended the last trading session 5.3% higher at $7.11. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 34.5% loss over the past four weeks.
Lucid shares surged after a recent SEC filing showed that Uber owns an 11.5% stake in the company. This reflects a total investment of $500 million, making Uber one of the largest shareholders outside the Saudi Public Investment Fund. The financing announcement also outlined an expanded vehicle-related arrangement tied to Uber’s autonomy plans, supporting potential vehicle demand.
This an electric vehicle automaker is expected to post quarterly loss of $2.72 per share in its upcoming report, which represents a year-over-year change of -13.3%. Revenues are expected to be $428.67 million, up 82.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Lucid Group, the consensus EPS estimate for the quarter has been revised 10.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on LCID going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Lucid Group belongs to the Zacks Automotive - Domestic industry. Another stock from the same industry, Rivian Automotive (RIVN - Free Report) , closed the last trading session 1.4% higher at $17.15. Over the past month, RIVN has returned 7.3%.
For Rivian Automotive, the consensus EPS estimate for the upcoming report has changed +2.6% over the past month to -$0.6. This represents a change of -46.3% from what the company reported a year ago. Rivian Automotive currently has a Zacks Rank of #3 (Hold).