Lucid Motors‘ largest institutional investors increased their positions during the first quarter of 2026, with several major firms making aggressive moves as the Saudi-backed EV maker’s stock continued its prolonged decline.
The quarterly portfolio updates filed with the US Securities and Exchange Commission (SEC) reveal a top 10 that includes new entrants, near-doublings of existing positions, and one of the sharpest reductions among the group — with Morgan Stanley more than halving its stake.
The data excludes Lucid‘s two largest holders — Saudi Arabia’s Public Investment Fund (PIF), which holds over 177 million shares, and Uber Technologies, with 13.7 million shares.
The ride-hailing giant has recently expanded its investment in the EV maker by another $200 million, bringing the total to $500 million.
Both the PIF and Uber are strategic investors rather than institutional portfolio managers.
Vanguard Restructure
Vanguard emerged as the largest institutional holder by share count, with a combined 11,312,238 shares valued at $64.8 million.
The position is flagged as “new” in the data, though this reflects Vanguard’s reorganization into sub-entities — Vanguard Capital Management LLC and Vanguard Portfolio Management LLC — rather than a fresh purchase.
The underlying stake has been built over several years, with the asset management giant having first acquired shares of the Newark, California EV maker in 2021 shortly after the company went public.
Vanguard has been Lucid’s largest institutional holder for most of the company’s public life, consistently adding to its position even as the stock declined.
Compared to the previous quarter, in which it held 12,061,286 shares, however, the reshuffled position shows a decrease of around 700,000 shares.
UBS Extends Streak to Record
UBS Group continued its aggressive accumulation of Lucid shares, adding nearly 1.5 million shares during the quarter — a 19.1% increase — to a record 9.1 million shares.
The stake is currently valued at $52.4 million, having dropped from over $87 million since March 31.
The Swiss bank has significantly expanded its Lucid position over the past year.
UBS nearly doubled its stake in the fourth quarter of 2025, adding 3.8 million shares for a 98.7% increase.
That followed a period in the third quarter where the bank had actually cut its stake by 26%.
Since then, UBS has added shares in three consecutive quarters and now ranks as the second-largest institutional holder behind Vanguard.
BlackRock’s Sixth Raise
BlackRock added 207,893 shares during the quarter for a 3.4% increase, bringing its total to 6,265,246 shares valued at $35.9 million.
The world’s largest asset manager has now increased its Lucid position for six consecutive quarters, dating back to the fourth quarter of 2024 — when it held 48.5 million shares on a pre-reverse-split basis.
BlackRock ranks as the fifth-largest institutional holder by share count.
Its position is valued at $35.9 million.
AQR Capital Jumps to Top 10
AQR Capital Management made the most dramatic move among the top 10, jumping from around 30,000 shares to over 2.2 million. The position is worth $12.8 million.
The scale of the increase suggests AQR effectively built a new position from a negligible base during the quarter.
The quantitative hedge fund, founded by Cliff Asness, is known for systematic, factor-based strategies and its entry into Lucid at scale during a period of sustained stock weakness is notable.
Modest Increases
Geode Capital Management, Lucid’s fifth-largest institutional shareholder for much of 2025, added a more modest 46,615 shares — a 1.8% increase — to reach 2,588,109 shares valued at $14.8 million.
BNP Paribas has nearly doubled its Lucid holdings during the quarter, adding 955,848 shares for a 95.9% increase to over 1.9 million shares — valued at $11.2 million.
The increase follows a more modest addition in the fourth quarter, when the French bank added 30,487 shares — a 3.2% uptick.
BNP Paribas has been expanding its Lucid stake for two consecutive quarters while simultaneously trimming its position in Chinese EV maker Nio by 38%.
State Street Corp also added 220,738 shares for a 9% increase, bringing its holdings to 2,660,312 shares worth $15.2 million.
Morgan Stanley Cuts by Half
Morgan Stanley was the only top 10 holder to significantly reduce its position during the quarter, selling 2,286,284 shares — a 50.9% cut — to bring its stake to 2.2 million shares.
The position was valued at $12.6 million.
The move marks an abrupt reversal for the investment bank, which had been one of the most aggressive buyers of Lucid shares throughout 2025.
Morgan Stanley more than tripled its position in the fourth quarter of 2025, purchasing over 3 million additional shares for a 219% increase.
The first quarter sell-off erases a significant portion of that accumulation.
BofA, Citi
Bank of America Corp added 189,134 shares during the quarter for an 10.9% increase to 1,919,073 shares worth $11 million, while Citigroup expanded its position by 67%, adding 644,179 shares to reach 1,605,537 shares valued at $9.2 million.
Citigroup’s build-up has been among the most consistent.
The New York-based bank nearly quadrupled its position in Q4 2025 before adding further in the first quarter — a period in which its equity research arm initiated coverage with a Buy rating and a $14 price target, the most bullish call on Wall Street.
Citigroup is currently the only analyst with a positive call on the company.
Stock Performance
Lucid‘s stock hit a fresh all-time low of $5.59 on Tuesday, extending the stock’s decline to more than 99% from its 2021 peak of $580.50 on a split-adjusted basis.
The 52-week range spans from that low to a high of $33.70 reached in July 2025 — previously $3.37.
The stock is now approaching the $5.00 threshold that was central to Lucid‘s decision to execute a 1-for-10 reverse stock split last August.
At the time, shares were trading in the $2.00 to $3.00 range on a pre-split basis — equivalent to $20.00 to $30.00 post-split.
Interim CEO Marc Winterhoff said the move was not intended to avoid Nasdaq delisting risk, but rather to attract investment from institutional shareholders that do not invest in companies trading below $5.00.
The stock has lost over 70% of its value since the split, however.
A sustained drop below $5.00 would put the stock back in the territory that many institutional mandates prohibit — potentially triggering selling from the same investors that have been accumulating shares.
The decline has accelerated since early April, when shares reached successive all-time lows following a first-quarter delivery miss amid a 29-day recall that halted all Gravity SUV sales.
The company reported first-quarter revenue of $282.5 million — up 20.2% year-over-year but below consensus — alongside a net loss of $1.03 billion.
Management withdrew production and capital expenditure guidance pending a review by incoming CEO Silvio Napoli, who was appointed on April 14 after a 14-month search.
Lucid‘s market capitalization stood at approximately $2.2 billion as of Monday — a fraction of the more than $9 billion invested by PIF since the fund first backed the company in 2018.
As of Monday, Lucid had 444 institutional shareholders with a combined total of over 390 million shares, according to Nasdaq — including PIF’s controlling stake.
The filing cycle remains ongoing, with several major institutions yet to submit their first quarter updates.
