Billionaire New York Mets owner and hedge fund manager Steve Cohen has re-entered Lucid Motors’ shareholder register in size after a quarter-long exit, while sharply reducing its derivatives exposure.
In its 13F filing for the three months ended June 30, Point72 disclosed 1.1 million Lucid shares, compared with zero at the end of March.
Since Lucid’s IPO in 2021, the investment firm had only closed a quarter with more than one million shares once before, in late 2023.
At the same time, the firm cut its put holdings to contracts tied to 2.2 million shares, down from 11.7 million in the first quarter, and pared call options to 308,500 shares from more than 700,000.
Point72’s move stands out because the fund had spent much of the past year playing Lucid mostly through options rather than stock.
By cutting back almost all of its puts and building a direct stake again, the firm is taking on more exposure to Lucid’s share price swings. The stock lost more than 90% of its value since its 2021 peak and closed on Friday at $2.18.
Point72 managed “approximately $37.7 billion” in assets under management (AUM) as of the end of March.
According to Nasdaq data, Lucid has 557 institutional sharedholders as of Monday with a total of 2.28 billion shares. Of those, roughly 1.77 billion are held by the EV maker’s backer, the Saudi Arabia Public Investment Fund.
Other large investors have taken different approaches.
Susquehanna International Group, the trading firm founded by Jeff Yass, expanded its common shareholding more than eightfold to 6.6 million in the second quarter, while also increasing its puts to 6.45 million shares and reducing calls.
UBS sold 4.7 million shares, cutting its position by 8.2% to 52.5 million, and simultaneously boosted its put holdings by 246% to 2.4 million shares.
BlackRock, meanwhile, added 4.3 million shares to end the quarter with 53.7 million, an 8.8% increase, reinforcing its role as one of Lucid’s largest institutional owners.
Last September, a Point72 spokesperson said Cohen, one of Wall Street’s most successful traders, is stepping back from running his own portfolio.
The 68-year-old hedge-fund manager will continue serving as chairman, chief executive and co-chief investment officer of his firm.
