UBS Group AG raised its holding in Lucid to a record 14,794,441 shares in the third quarter and lifted its put options on the stock to 11,446,100 underlying shares from 290,000, according to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC).
The common holding was valued at $60.2 million, marked at Lucid’s September 30 close of $4.07. That was down 32.6% from $89.3 million at the end of June, as Lucid’s stock fell 39.2% over the quarter.
The report covers the quarter ended September 30. It covers UBS Group and 10 included managers.
The Swiss bank’s filing also showed it nearly doubled its Nio holding to 36,586,129 American depositary shares over the same period.
Fourth Straight Increase
UBS’s Lucid holding rose 10.8% from 13,355,131 shares at the end of June. It was the fourth straight quarterly increase and nearly four times the 3,864,424 shares reported a year earlier.
The bank had cut the holding by 26.3% in the third quarter of 2025. The holding then almost doubled to 7,677,272 shares in the fourth quarter, rose 19.1% to 9,143,526 in the first quarter and 46.1% in the second.
Before September, UBS’s largest Lucid holding was the equivalent of 5,711,895 shares, reported for March 2025, after adjusting for Lucid’s 1-for-10 reverse stock split, which took effect at the end of August 2025.
Reports through June 2025 list Lucid under its pre-split identifier. The September 2026 count is 2.6 times that level and the highest in the 21 quarterly reports since UBS first listed Lucid shares, for September 2021.
The value of the position remains below its peak, $138.2 million in March 2025, when Lucid’s shares traded far higher. The $60.2 million is the lowest value UBS has reported for the stake since September 2024, when the position was much smaller.
Lucid’s share count rose only 0.5% over the quarter, to 396,158,086 at September 30, according to its quarterly report. UBS’s stake therefore rose to 3.73% from 3.39%. Measured against the 396,252,830 shares Lucid reported outstanding on November 3, it is also 3.73%.
The filing spreads the shares across four UBS entities. UBS AG’s line fell to 11,307,432 shares from 11,733,328, while UBS Securities LLC raised its line to 1,709,676 from 280,325. That 1,429,351-share addition accounts for 99.3% of the group’s net increase.
UBS Switzerland AG held 1,772,854 shares, up from 1,331,573, and UBS Financial Services 4,479, down from 9,905. UBS reported sole voting authority over 14,788,842 of the shares and no voting authority over the other 5,599.
Puts at a Record
The put line is the bigger change. UBS reported puts on 11,446,100 underlying Lucid shares, nearly 40 times the 290,000 a quarter earlier, valued at $46.6 million and equal to 77.4% of its common holding.
UBS AG accounted for 11,196,100 of them, up from 90,000, and UBS Securities for 250,000, up from 200,000. UBS AG’s puts, valued at $45.6 million, equal 99.0% of the 11,307,432 shares on its own equity line.
It is the largest Lucid put position in UBS’s filings. The previous high was the equivalent of 244,950 shares in June 2025, after adjusting for the reverse split. UBS reported no Lucid puts for September and December 2025, and 190,000 for March 2026.
The bank’s small Lucid call line, on 30,000 shares in June, was closed.
Put values in a 13F reflect the underlying shares at the quarter-end price, not premiums paid. A dealer’s put line can reflect client trades or hedges, and the filing does not say which. The filing lists no Lucid convertible notes.
How Other Holders Moved
UBS’s 14.8 million shares are more than the holdings of Geode Capital Management and Citigroup combined.
Geode added 425,072 Lucid shares, or 9.8%, taking its holding to 4,761,341. Citigroup more than doubled its Lucid holding to 4,250,535 shares, cut its calls to 100,000 underlying shares from 698,000 and held puts on 307,100, down from 324,560.
Barclays cut its Lucid holding by 15.7% to 1,108,547 shares, and its calls fell to 100,000 underlying shares from 235,000.
The totals exclude UBS Asset Management Americas, which files its own 13F and had not reported for September as of Thursday. Its June report listed 343,423 Lucid shares.
Managers have until November 16 to report holdings as of September 30. Morgan Stanley, BlackRock, JPMorgan, Goldman Sachs and Bank of America had not filed as of Thursday.
What Lucid Reported
Lucid reported third-quarter revenue of $350.3 million on November 9, below analysts’ estimates. The company said an affiliate of Saudi Arabia’s Public Investment Fund had increased its delayed draw term loan by $1.75 billion.
Lucid ended the quarter with $2.0 billion in total liquidity, or $3.75 billion on a pro forma basis including the larger loan. Cash, cash equivalents and investments were $948.5 million, according to its quarterly report.
“The company expects this liquidity level to fund operations and key investments into Q4 2027, bridging the period through Midsize start of production,” Lucid said. Production of the Midsize platform is planned for the second half of 2027.
Lucid built 2,954 vehicles in the third quarter and delivered 3,806, with deliveries running ahead as it reduced vehicle inventory, the company said on October 5. Inventory was still valued at $1.22 billion at September 30, against $1.11 billion at the end of 2025, according to the 10-Q.
Chief Financial Officer Alexander De Bock said Lucid expects fourth-quarter deliveries to rise from the third-quarter level. Its gross margin improved to negative 73.7% on lower inventory write-downs.
Analysts and the Shares
Four firms lowered their Lucid targets after the results. Cantor Fitzgerald cut to $6 and Baird to $5, TD Cowen cut to $4, and Citi lowered its target to $9 from $11 while keeping the only ‘Buy’ rating among the firms that Price Target tracks.
Price Target, a sister publication of EV, archives Wall Street analysts’ research on the electric vehicle, artificial intelligence and semiconductor sectors. The median of the six Lucid targets set in the past three months in its archive is $4.50.
Lucid shares closed at $3.67 on Wednesday, which would value UBS’s common holding at about $54.3 million. The stock was down 0.8% at $3.64 in pre-market trading on Thursday.
The shares have fallen about 65% this year and set a record closing low of $2.98 on November 5.
