Dimensional Fund Advisors, the seventh-largest institutional shareholder of Lucid Motors, has more than doubled its holdings in the electric vehicle maker in the second quarter.
In a new SEC filing, the US asset manager reported it held over 17.6 million Lucid shares as of the end of June.
In the first quarter, Dimensional Fund Advisors had already doubled its stake in the Saudi-backed EV maker to more than 8 million shares. Between April and June, it increased its stake again by nearly 118% after acquiring over 9.5 million shares.
Based on Tuesday’s closing price of Lucid shares, the firm’s holdings are currently valued at more than $40 million
Dimensional Fund Advisors’s new record stake follows the filing from Lucid’s fifth largest institutional shareholder — Geode Capital Management — which also reported a new record position in Lucid.
Lucid‘s top institutional shareholders include Vanguard Group, UBS Group, BlackRock and D. E. Shaw.
BlackRock is the only one among them to have disclosed its second-quarter portfolio update, reporting a stake increase of nearly 9% to 53.7 million shares.
The company will unveil on Thursday (August 14) at the Pebble Beach Concours d’Elegance a new concept car based on its Gravity SUV.
As it prepares to hold a special shareholder meeting to seek approval for a reverse stock split, Lucid filed an amended SEC document last Friday correcting an earlier error that stated the number of authorized common shares would remain unchanged after the split.
Lucid shares have fallen 24.8% year-to-date and 27.5% over the past 12 months.
Earlier this week, Bank of New York (BNY) disclosed that it increased its position in Lucid by 5.8% during the second quarter to 3,271,692 shares in the Newark-based company.
The bank added 180,629 shares between April and June and its position is currently valued at just below $8 million.
