Written by Cláudio Afonso | LinkedIn | X
The world’s largest asset manager BlackRock published late Tuesday the quarterly update of its portfolio disclosing that added 4,392,441 shares in the luxurious electric vehicle (EV) maker Lucid Motors.
Following the buy, BlackRock closed the second quarter of the year holding 45,228,798 shares, an increase of 10.76% compared to the end of March. Based on Tuesday’s closing price, the position is now valued at nearly $139 million.
The giant asset manager opened a position in the California-based EV company after the merger with Churchill Capital Corp. IV in late 2021 by adding 7.59 million shares.
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By the end of 2021, BlackRock was holding more than 31.4 million shares and, in the last three years, it added another 14 million to a total of 45,228,798 as of June 30.
Despite the 27% year to date loss, institutional ownership of Lucid’s stock is near a record-high with 703 institutional shareholders owning a total of 1.65 billion shares.
Last week, Lucid disclosed that its largest shareholder, the Public Investment Fund (PIF) of Saudi Arabia, which owns about 60% of the company, will inject an additional $1.5 billion in cash. This follows a previous agreement in March, in which PIF committed to investing $1 billion.
Earlier this week, Citi Group disclosed that trimmed its position by nearly 48% while increasing its stake in Tesla by over 22%.
Citi ended the first quarter of the year holding 3,119,674 Lucid shares but dumped 1,492,337 between April and the end of June ending the quarter with 1,627,337 — a reduction of 47.84%.
As reported by EV earlier this week, Geode Capital, the index fund business of Fidelity and one of the largest shareholders of the EV maker has added 1,433,024 shares in the second quarter.
This purchase marks a 9.62% increase in Geode’s stake in the luxury electric vehicle (EV) maker, bringing its total holdings to 16,332,315 shares.
The California-based company delivered 2,394 vehicles in the second quarter of the year and produced 2,110 units.
Written by Cláudio Afonso | LinkedIn | X
Never Miss an Update on Lucid
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