Lucid Group Inc. (NASDAQ:LCID) is one of the 10 Stocks Underperforming the Broader Market.
Lucid Group dropped its share price by 11.31 percent on Thursday to finish at $3.2550 apiece, as investors resumed selling positions after it missed earnings expectations while digesting a series of price target cuts.
In an updated report earlier in the week, Lucid Group Inc. (NASDAQ:LCID) said that it raked in revenues of $350.32 million in the third quarter of the year, higher by 4 percent than the $336.58 million in the same period last year, but missed analyst estimates of $407.31 million.
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It also posted an adjusted loss per share of $2.30, wider than the $2.28 expected by Wall Street.
Net loss attributable to shareholders amounted to $1.08 billion, higher than the $1.03 billion in the same period last year.
Following the results, analysts from RBC Capital and Bank of America both reduced their price targets for the stock to $4 and 3.50, respectively, from $7.
RBC Capital reiterated its perform rating, while BofA maintained its underperform rating.
In other news, Lucid Group Inc. (NASDAQ:LCID) said that it continues to expand its services with additional locations in Mission Viejo to bring sales and services for current and prospective customers in South Carolina.
It is also expanding its service capacity with a target of increasing technical and service support staffing by 60 percent in the first quarter of 2027.
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