The Swiss bank UBS has trimmed its position in EV maker Lucid Motors by nearly 8.2% during the second quarter, ending it with a total of 52,450,079 shares.
UBS sold over 4.6 million shares in the U.S. electric vehicle maker while increasing its put option exposure by 246% to the equivalent of 2,449,500 shares.
In the first quarter of 2025, the bank lifted its Lucid stake to the highest level since opening a position in late 2021, holding more than 57 million shares — over double its previous holdings.
Excluding Saudi Arabia’s Public Investment Fund (PIF), which owns more than 60% of Lucid, UBS was the EV maker’s second largest institutional owner by the end of March.
However, it was surpassed by the world’s largest asset manager BlackRock, which strengthened its position in the second quarter, with 53.7 million shares reported as of June 30.
Lucid‘s institutional ownership jumped since the beginning of the year, from about 1.6 billion shares to nearly 2.29 billion shares, collectively held by 550 institutions as of Wednesday, according to data from Nasdaq.
Vanguard, the largest institutional shareholder, made a marginal adjustment to its holdings in the period, holding 111,238,011 shares in the EV maker, valued at more than $250 million.
D.E. Shaw, which had the fourth biggest position in Lucid by the end of March, has not yet reported its quarterly holdings. Geode Capital Management increased its stake in the company by 1.55 million shares to 22.6 million.
UK-based Barclays acquired 2,159,010 Lucid shares between April and June, lifting its holdings to 3,631,074 shares valued at about $8.5 million based on the company’s $2.34 closing price on Wednesday.
The Marc Winterhoff-led company’s stock fell 26.3% over the past month.
The volatile stock performance is due to its plans for a 1-for-10 reverse stock split disclosed in mid-July, which was accompanied by the reveal of a robotaxi partnership with Uber and Nuro.
The collaboration led Lucid shares to soar by 36.2% on the day of the announcement, from $2.29 to $3.12.
However, the stock reversed in the past weeks, as concerns grew around both the stock split and the company’s second quarter earnings results.
As of press time, Lucid is trading 3.6% lower at $2.26 on Thursday’s market session.
The broader market was also down on Thursday morning after US July wholesale inflation came in hotter than expected.
Later today, the EV maker will unveil in California its new concept car — the Gravity X — at the Pebble Beach Concours d’Elegance.
