Calamos Advisors LLC Purchases 150,000 Shares of Lucid Group, Inc. $LCID

Calamos Advisors LLC grew its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 40.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 525,000 shares of the company’s stock after buying an additional 150,000 shares during the quarter. Calamos Advisors LLC’s holdings in Lucid Group were worth $2,137,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank of America Corp DE grew its holdings in shares of Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after acquiring an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Lucid Group during the second quarter worth $3,125,000. Lazard Asset Management LLC lifted its holdings in Lucid Group by 192.6% during the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after acquiring an additional 200,604 shares during the period. Headlands Technologies LLC bought a new stake in Lucid Group during the second quarter worth $1,368,000. Finally, Quantinno Capital Management LP boosted its position in Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after purchasing an additional 144,089 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Up 9.4%

Lucid Group stock opened at $3.60 on Tuesday. The firm has a 50 day moving average price of $3.83 and a 200-day moving average price of $6.69. Lucid Group, Inc. has a twelve month low of $2.37 and a twelve month high of $17.80. The company has a market capitalization of $1.42 billion, a P/E ratio of -0.26 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, November 9th. The company reported ($2.30) EPS for the quarter, missing analysts’ consensus estimates of ($2.27) by ($0.03). The company had revenue of $350.32 million during the quarter, compared to the consensus estimate of $395.67 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted ($2.65) EPS. Equities analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Key Headlines Impacting Lucid Group

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid expanded its delayed-draw loan facility from Saudi Arabia’s Public Investment Fund, its largest shareholder, by $1.75 billion, increasing available liquidity. The financing can help fund operations and its turnaround, though it is debt rather than equity. Reuters: Lucid expands credit line
• Positive Sentiment: The company said quarterly cash consumption fell 30% sequentially, a potentially encouraging sign for liquidity. Lucid also described progress on its strategic priorities, although it said further cash-flow improvement remains important. Lucid third-quarter results
• Neutral Sentiment: Reports differ on the per-share loss: Zacks says Lucid’s loss of $2.74 beat its $2.78 consensus estimate, while other coverage reports a $2.30 loss against an expected $2.27. Investors should note the differing reported figures and measurement bases when assessing the quarter. Zacks: Lucid reports Q3 loss
• Negative Sentiment: Other reports say third-quarter revenue of about $350 million fell short of estimates near $396 million, while deliveries missed expectations. Production declined 24% as Lucid cut a factory shift to better match output with demand—signs that scaling sales remains a challenge. CNBC: Lucid misses earnings expectations Motley Fool: Why Lucid stock fell in October

Analyst Ratings Changes

A number of brokerages have issued reports on LCID. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research report on Monday, October 12th. William Blair cut Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Citigroup cut their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada reduced their price target on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research report on Monday, October 12th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and a consensus price target of $8.67.

About Lucid Group

Lucid Group, Inc designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company.

The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.

Lucid sells its vehicles in markets including North America, Europe and the Middle East.