Citigroup has slightly reduced its stake in electric vehicle maker Lucid Motors to 240,864 shares during the third quarter, according to its portfolio update filed with the Securities and Exchange Commission (SEC).
The position was worth $5.7 million by the end of September, a value which has since decreased as the stock approached a new all time low on Wednesday.
In the second quarter, the New York-based bank had reported holding 2.7 million shares of the company.
Since then, Lucid’s shareholders approved a 10-for-1 reverse stock split, which became took place on September 1.
The reverse split made those 2.7 million shares automatically convert to 270,000. The stake was trimmed by about 30,000 shares in the July-September period.
Citi has held a position in the EV maker since its initial public offering in July 2021.
The bank initially invested in the special purpose acquisition company Churchill Capital Corp IV, which later merged with Lucid.
Over the past four years, Citigroup’s holdings in the company have fluctuated, peaking at 49 million shares (now considered 4.9 million) in the fourth quarter of 2024.
After a sharp decline in the first quarter and a rebound in the second, the position now stands at roughly half of its peak.
Stock Performance
Institutional interest in Lucid‘s rose in the third quarter following a 10-for-1 reverse stock split, which boosted its share price well above the $1.00 Nasdaq minimum it was approaching.
Lucid shares closed at $23.79 on September 30, after having reversed to a new all-time low of $15.25 just four days after the split.
However, the stock lost nearly 20% of its value in the past 30 days. Lucid‘s share price traded as low as $15.29 on Wednesday, just four cents above its all-time low.
In the final trading hours, the stock rebounced and closed at $16.59.
Based on Wednesday’s closing price, Citigroup’s stake in Lucid is valued at less than $4 million.
The stock’s pullback came after Lucid missed third-quarter earnings expectations and saw key leadership changes last week.
These included the exit of Eric Bach, Senior Vice President of Product and Chief Engineer, who was let go — an internal source told EV.
Institutional Ownership
As of Thursday, Nasdaq shows that 532 institutions currently own a position in Lucid, which collectively hold nearly 229.5 million shares.
Following the reverse stock split — in which every 10 shares were consolidated into one — the adjusted number of institutionally held shares now stands at approximately 220 million.
Saudi Arabia’s Public Investment Fund (PIF), which is the main backer of the EV maker, held 177 million shares as of the end of the second quarter.
Excluding PIF, the largest institution with a position in Lucid is Vanguard, which held a record stake in the EV maker by the end of September.
BlackRock follows, also having reported holding the highest position in the company between June and September.
Citigroup Portfolio
By the end of the third quarter, Citigroup’s portfolio included 5,179 companies with a total value of $147 billion.
Its most valued position is on chip-maker Nvidia, in which it has 33.3 million shares worth $6.6 billion.
Tesla is the third largest position in Citi’s portfolio. The 9.57 million shares held in the company by the end of the quarter are currently worth more than $4 billion.
The New York-based bank more than doubled its stake in Rivian during the third quarter, reaching its largest position since it began investing in the company four years ago.
The firm has decreased its position in Chinese EV maker Nio for the second consecutive quarter, disclosing that it owned 6.3 million Nio shares at the end of September.
