BlackRock Just Doubled Down on Lucid Motors (LCID) Stock

Source: rblfmr /

Lucid (NASDAQ:LCID) stock fell by about 14% during the second quarter, but that didn’t stop asset management firm BlackRock (NYSE:BLK) from buying the dip. During Q2, BlackRock reported purchasing 10.99 million shares of LCID stock, bringing its total stake to 45.33 million shares. The firm is now the third-largest shareholder of Lucid as of June 30.

However, due to BlackRock’s size and thousands of equity positions, Lucid only accounts for 0.01% of its overall portfolio and is its 1,267th largest position. The firm has an average 13F holding period of 28.01 quarters, or just over seven years, so shareholders should expect to see LCID stock in upcoming 13F filings.

BlackRock Doubles Down on LCID Stock

The largest purchaser of LCID during Q2 was Saudi Arabia Public Investment Fund (PIF) subsidiary Ayar Third Investment Company. In May, Lucid announced that Ayar would acquire 265.69 million shares worth $1.8 billion through a private placement. The placement closed in late June, while Ayar’s percentage ownership was expected to stay constant at 60.5% due to Lucid’s underwritten public offering of 173.54 million shares worth $1.2 billion. Ayar has been a major backer for Lucid throughout the past few years.

Other notable shareholders of LCID stock include Two Sigma, Ensign Peak Advisors and Coatue Management. Coatue stood out as a shareholder after adding 5.19 million shares during the second quarter. LCID is Coatue’s 45th largest position with a 0.22% portfolio allocation, up from 0.07% quarter-over-quarter (QOQ).

Across all 13F filers, 446 own a stake in Lucid stock, a decline of one filer from the prior quarter. In total, these filers own 1.66 billion shares of the electric vehicle (EV) company, up from 1.317 billion. Ayar is the only filer to own LCID in its top 10 positions. In addition, based on data collected from WhaleWisdom, all 15 of Lucid’s top shareholders increased their position during the second quarter. These shareholders include VanguardState Street (NYSE:STT) and Geode Capital Management.

Lucid maintained its full-year production guidance of over 10,000 vehicles during its Q2 earnings. The company posted revenue of $150.9 million as a result of 1,404 EV deliveries.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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