The deadline for institutional investors to file a Form 13F has passed, which means that investors can take a look at Lucid’s (NASDAQ:LCID) institutional ownership as of June 30. In fact, the emerging electric vehicle (EV) company received increased institutional ownership during the quarter.
As of the second quarter, a total of 456 13F filers disclosed a stake in LCID stock, an increase of nine filers from the prior quarter. Of those filers, only one of them owns Lucid in their top 10 positions. That is Ayar Third Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF). In total, these filers own 1.66 billion shares of Lucid, up from 1.31 billion shares. However, Lucid’s institutional put/call ratio sits at a high 1.77, up from 1.65. That’s equivalent to 40.80 million puts and 23.10 million calls, implying a bearish options stance.
Vanguard Adds 15.03 Million Shares of LCID Stock
Exchange-traded fund (ETF) provider Vanguard emerged as a major buyer of Lucid during the second quarter. The firm reported increasing it stake by 15.03 million shares, bringing its total position to 73.16 million shares. Vanguard is the second-largest shareholder of Lucid as of Q2, trailing behind Ayar’s stake by about 1.3 billion shares.
Asset management firm BlackRock (NYSE:BLK) was also a major buyer, acquiring 10.99 million shares during the quarter. That brought its total ownership to 45.33 million shares. Meanwhile, Bank of America (NYSE:BAC) joined the party as well, adding 14.80 million shares, which brought its total position to 17.21 million shares.
Lucid soared to the $50 range following its special purpose acquisition company (SPAC) deal. However, shares have now fallen below $7 as the company struggles to ramp up production and face its competition. During Q2, Lucid delivered a total of 1,404 vehicles, compared to 679 vehicles a year ago, and produced 2,173 vehicles. Quarterly revenue tallied in at $150.9 million, which came in below the analyst estimate of $175 million. Revenue one year ago was $97.3 million, reflecting year-over-year growth of 55.1%.
The company has reiterated its 2023 full-year production guidance of “over 10,000 vehicles.” Earlier this year, Lucid had guided for between 10,000 and 14,000 vehicles.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
