Lucid Motors’ fifth-largest institutional shareholder increased its holdings to an all-time high in the second quarter, according to a regulatory filing published on Friday.
Geode Capital Management disclosed ownership of 22.64 million Lucid shares as of June 30, up 1.55 million shares, or 7.4%, from the 21.09 million reported at the end of March.
The stake was valued at $47.8 million at the quarter-end share price, cementing its position among the electric-vehicle maker’s top investors.
Since first reporting a position of 5.65 million shares in November 2021, the shareholder has more than quadrupled its holding.
Notable expansions included a 35.8% increase in the second quarter of 2022 to 8.24 million shares, a 25.8% rise in the second quarter of 2023 to 12.54 million, and a 31.4% jump in the final quarter of 2024 to 20.26 million.
There was a small reduction in the third quarter of 2024, but the stake has grown steadily overall, reaching successive records in the first and second quarters of 2025.
As of March 31, Geode ranked behind Vanguard Group, UBS Group, BlackRock and D. E. Shaw in Lucid’s institutional ownership table.
The three largest holders have yet to submit their second-quarter disclosures, so its ranking as of end of June is not yet known.
Lucid shares have fallen 29.5% year-to-date and 33.2% 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.
Majority-owned by Saudi Arabia’s Public Investment Fund, Lucid this week reported second-quarter revenue of $259 million, missing consensus estimates.
BofA Securities reiterated its Underperform rating and $1 price target on the stock citing disappointing results.
Interim chief executive Marc Winterhoff told CNBC this week that the company has sufficient liquidity to operate into the second half of 2026 but may seek additional funding if needed.
Lucid went public in July 2021 through a merger with Churchill Capital Corp IV, raising $4.5 billion.
Saudi Arabia’s sovereign wealth fund first invested in the company in 2018 and has since become its majority owner currently holding a stake of over 60%
The premium brand reached a new year to date record in vehicle registrations in Europe last month.
According to official national data compiled by the platform EU-EVs, the California-based brand registered 84 vehicles across Germany, Norway, Switzerland and the Netherlands in July — three times the 27 units recorded in June and more than seven times the 11 units registered a year earlier.
