Lucid Group, Inc. (NASDAQ: LCID) designs and manufactures luxury electric vehicles, best known for its flagship Lucid Air sedan. The company has emerged as one of the most closely watched names in the EV market, recently trading near $2 per share with a market cap of about $6.4 billion.
Once pitched as a Tesla challenger, Lucid is now defined as much by its struggles as its promise, with steep losses, heavy cash burn, and uncertain scaling. The Lucid Air has drawn praise for its technology and design, but investors remain focused on whether production can grow fast enough to justify the valuation.
Unlike many automakers, Lucid’s ownership is anchored by Saudi Arabia’s Public Investment Fund, which controls more than half the stock and provides deep financial backing. Beyond that, global asset managers, hedge funds, and passive giants hold meaningful stakes, creating a diverse but cautious shareholder base.
For investors, looking at who owns Lucid today gives a good sense of whether big players are sticking around or starting to step away.
Who Are Lucid’s Top Shareholders?
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Lucid Group designs and manufactures luxury electric vehicles, aiming to compete in the premium EV market with its Lucid Air sedan. Its ownership base is anchored by Saudi Arabia’s Public Investment Fund, while global asset managers and hedge funds make up the rest.
- Public Investment Fund (PIF): 1.77B shares (57.6%), ~$3.7B. No change.
- Vanguard: 111M shares (3.6%), ~$230M. Added 304K (+0.3%).
- BlackRock: 45.4M shares (1.5%), ~$94M. Added 4.3M (+10.6%).
- UBS Financial Services: 43.0M shares (1.4%), ~$89M. Cut 13.5M (-23.9%).
- D. E. Shaw: 27.0M shares (0.9%), ~$56M. Cut 12.7M (-32.0%).
- Geode Capital: 22.6M shares (0.7%), ~$47M. Added 1.6M (+7.4%).
- State Street: 22.0M shares (0.7%), ~$46M. Added 2.6M (+13.7%).
- Dimensional Fund Advisors: 17.6M shares (0.6%), ~$37M. Added 9.5M (+118%).
- Renaissance Technologies: 17.5M shares (0.6%), ~$36M. Added 3.0M (+20.7%).
One highlight from last quarter is AQR Capital Management, led by Cliff Asness, which lifted its Lucid stake by more than 154%. The firm now owns about 1.4 million shares worth $2.9 million, a sharp increase that looks like a tactical bet on a rebound from depressed levels.
Another notable move came from Dimensional Fund Advisors, which boosted its position by nearly 118%, adding more than 9.5 million shares. The fund now holds around 17.6 million shares valued at $37 million, showing that some institutions may still see long-term upside in Lucid despite its challenges.
Lucid’s shareholder base is firmly anchored by PIF, which gives the company stability but also limits outside influence. The latest fund moves show a mixed picture: some investors, like BlackRock, AQR, and Dimensional, are increasing exposure, while others, such as UBS and D. E. Shaw, are cutting back.
For investors, this divided positioning reflects both the high risk and the high uncertainty around Lucid’s ability to turn its technology into sustained growth.
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Lucid’s Recent Insider Trades
Insider transactions at Lucid over the past quarter show a lot of stock grants along with a few sales. Most officers and directors were given sizable share awards, while a couple of insiders sold shares at around $2.23.
What stands out is that no insider has made a meaningful open-market purchase, which may suggest that management isn’t ready to commit more of their own capital at current prices.
Here are some recent insider sales:
- Gagan Dhingra (Officer): Granted 533K shares, sold 46.8K at $2.23.
- Eric Bach (Officer): Granted 600K shares.
- Marc Winterhoff (Officer): Granted 667K shares.
- Andrew Liveris (Director): Granted 109.5K shares.
- Janet Wong (Director): Granted 117K shares.
- Nichelle Maynard-Elliott (Director): Granted 109K shares.
- Lisa Marie Lambert (Director): Granted 117K shares.
- Taoufiq Boussaid (Officer): Sold 179.9K shares at $2.23.
- Turqi A. Alnowaiser (Director, >10% Owner): Granted 115K shares.
Insider activity looks tied to compensation grants with a couple of smaller sales on top. These sales could be for personal reasons, but what investors may notice is the lack of insider buying. That absence makes it harder to see strong confidence from management at current stock levels.
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What the Ownership & Insider Trade Data Tell Us
Lucid’s ownership structure shows a company that is both supported and constrained. With nearly 58% of shares controlled by the Saudi Public Investment Fund, Lucid has access to deep financial backing that can help it weather ongoing losses. At the same time, such concentrated ownership limits the influence of outside investors and makes institutional moves more telling. Some firms, like BlackRock, Dimensional, and AQR, have increased exposure, while others, including UBS and D. E. Shaw, reduced positions sharply. This split suggests institutions are not aligned on Lucid’s near-term prospects.
Insider activity, meanwhile, looks centered on stock grants rather than active buying. The few sales may not carry much meaning, but the absence of open-market purchases stands out. That gap could be read as insiders waiting to see clearer progress before putting in more of their own money.
For now, Lucid’s foundation rests on the support of its sovereign backer, while institutional sentiment looks divided and insiders appear hesitant. Investors should view the ownership picture as one of stability at the core but uncertainty around broader conviction.
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