Lucid Group (LCID) Stock Sinks As Market Gains: What You Should Know

In the latest market close, Lucid Group (LCID) reached $2.20, with a -0.45% movement compared to the previous day. This change lagged the S&P 500's daily gain of 0.41%. Elsewhere, the Dow saw an upswing of 0.69%, while the tech-heavy Nasdaq appreciated by 0.8%.Shares of the an electric vehicle automaker have depreciated by 34.81% over the course of the past month, underperforming the Auto-Tires-Trucks sector's loss of 3.41% and the S&P 500's loss of 0.97%.The investment community will be closely monitoring the performance of Lucid Group in its forthcoming earnings report. The company is scheduled to release its earnings on November 7, 2024. The company's earnings per share (EPS) are projected to be -$0.32, reflecting a 14.29% decrease from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $199.5 million, indicating a 44.76% growth compared to the corresponding quarter of the prior year.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.22 per share and revenue of $769.99 million, indicating changes of +10.29% and +29.35%, respectively, compared to the previous year.It is also important to note the recent changes to analyst estimates for Lucid Group. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.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, 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 a 3.93% increase. Lucid Group is currently a Zacks Rank #2 (Buy).The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry, currently bearing a Zacks Industry Rank of 175, finds itself in the bottom 31% echelons of all 250+ industries.The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lucid Group, Inc. (LCID): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks