Lucid Group gains after Saudi Arabia's PIF fund takes stake over 60%

omersukrugoksu

Lucid Group (NASDAQ:LCID) disclosed in a SEC filing on Tuesday that the Public Investment Fund of Saudi Arabia bought 266M more shares in the company through a $1.8B private placement made by subsidiary Ayar Third Investment. The purchase was made on June 22, but was first tipped off a few weeks ago.

The Saudi Arabia Public Investment Fund, which was already the largest shareholder of the electric vehicle maker, now holds a reported stake of 60.49% in Lucid Group (LCID).

Short interest on Lucid Group (LCID) is still at 19.00% of total float. The stock is down about 10% on a year-to-date basis and trading below its 50-day, 100-day, and 200-day moving averages. The market cap on LCID is just over $11B.

Lucid Group (LCID) and Aston Martin both rallied on Monday after a proposed supply agreement between the two automakers was called a game changer. In early trading on Tuesday, shares of Lucid Group (LCID) broke 3.45% higher to $5.74.

More on Lucid Group:

• Lucid: 3 Reasons It's Time To Sell
• Lucid: Saudi Arabia Strikes Back
• Recent options trades on Lucid Group
• Seeking Alpha's Quant Rating for Lucid Group

Comments

[Investor since ‘73]

I actually saw a Lucid on the road yesterday near Portland,OR, first ever siting!!! It was as hilariously awkward and ugly in person, the wide, flat weird momma autistic grin, bulbous roofline, out of all proportion, just like in the pictures.

[Duncan20903]

@Investor since ‘73

I saw my first Rivian the day before yesterday. It was just as ugly in person as it is in its promos.

[Investor since ‘73]

@Duncan20903 The Rivian front end is, like the Lucid, simply inexplicable. Who could draw them up and say “THAT’S IT, PERFECT!”??? I guess it’s like my dog licking her fanny, seemed like a good idea to her. The rest of the Rivian is ok. I have seen many of them on the road, hundreds by now but yesterday was the first Lucid sighting. Yech.

[doubleE]

A Saudi owned EV company. Stick a fork in it. They ‘re done

[Duncan20903]

@doubleE

Now that's just plain silly. The Saudis can read the writing on the wall.

www.eiu.com/...

[Mr. Gumbo]

sweet, sweet arab money keeping lucid afloat

[Investor since ‘73]

@Mr. Gumbo Wnd diluting current shareholders to zip.

[ndisang]

Very slick designs though....better than Tesla

[Natturner1966]

Lordstown files for bankruptcy and Lucid rips 10% today. You go figure it out.

[Tdot]

You don't see a difference between the two? Maybe you need to go figure that out first.

[nidneurons]

this will go private.

[Ronaldo123]

It is good to know that Saudi Arabia's PIF fund is willing to burn couple billions more which they don't even care.

[Tdot]

Well the Saudis supposedly backed out of the musky $420 deal in 2018, so maybe they are looking for a different equity stake in the EV manufacturing business. Frankly, they need to hedge their fossil fuel holdings against the future.

[qwerty11]

Can I get a notification if it has surged more than 20 cents above its 52 week low again?

[Antonio Romani]

Strange enough market is not reacting despite 15% short. What if they take it private. Another gme cooking?

[katmandu100]

Interesting info.

[CynicalTexanInvestor]

Shorting? Further squeeze? Or taking private?

[Duncan20903]

@CynicalTexanInvestor

What "squeeze" are you seeing? LCID all time low is 5.46 now trading at 5.85 up around ~7%.

[CynicalTexanInvestor]

@CynicalTexanInvestor goes low enough.......they buy it all back.