Wolverine Asset Management disclosed on Tuesday that it reinitiated an equity position in US electric vehicle maker Lucid Motors during the second quarter, while significantly increasing its bearish bet and exiting its remaining call options.
The Chicago-based investment firm acquired 690,989 Lucid shares between April and June, currently valued at approximately $1.66 million.
This marks the firm’s fourth entry into Lucid’s equity since it first bought 417,439 shares in Q4 2022, a position it sold the following quarter.
A similar trading pattern followed: Wolverine reentered in Q4 2023 with 389,360 shares and exited again in Q1 2024, then took a larger position of 845,430 shares in Q4 2024, which was sold in the first three months of 2025.
In the derivatives market, Wolverine liquidated its remaining long exposure to Lucid through options.
It sold the last 200 call contracts it held in Q1, following a near-complete reduction of 149,300 contracts late last year.
At the same time, the firm sharply increased its put option exposure to a new record.
It raised the number of disclosed put contracts by 33.4% quarter-over-quarter to 16.56 million — its highest on record.
As of its latest 13F filing, Wolverine listed 1,599 total holdings. The largest positions include MicroStrategy, Lucid‘s rival Rivian, Coinbase, and Rocket Lab. The disclosed portfolio is valued at more than $10.8 billion.
Wolverine Trading, a separate entity under the same corporate umbrella, has not yet submitted its second-quarter disclosure.
In Q1, it had trimmed its Lucid stake by 15.5% to 284,473 shares and reduced its put contracts by 35% to 545,000, while also cutting call options by 29.7% to 751,700 contracts.
Lucid remains majority-owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which controls approximately 64% of the company.
As of Tuesday, 684 institutional investors collectively held 2.28 billion Lucid shares, including stakes by Vanguard, UBS, and BlackRock.
Cantor Fitzgerald said earlier this week it sees Lucid trimming its annual production guidance as “a possible scenario.”
The company will report its second quarter results later this Tuesday, after the market closes.
Lucid shares hit a new all time low at $1.93 in November and touched $1.98 on the first day of July.
However, the stock rebounded and soared in mid-July after the partnership announcement with Uber and autonomous driving startup Nuro. Over the last few weeks, Lucid shares have paired most of those gains.
