Can Lucid (NASDAQ:LCID) produce 10,000 electric vehicles this year? That seems to be a key focus for 2023, as CEO Peter Rawlinson reiterated his guidance for over 10,000 vehicles this year during Lucid’s first-quarter earnings report.
For the three months ended March 31, Lucid produced 2,314 vehicles and delivered 1,406 of them. That led to revenue of $149.4 million, up by about 159% year-over-year.
“We continue to grow our brand awareness and I’m proud to say that the Lucid Air was recently awarded a number of prestigious industry accolades,” said Rawlinson. “We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it.”
Shareholders should also expect no equity raises this year, as CFO Sherry House stated that Lucid had cash, cash equivalents and investments of $4.1 billion. She added that this figure should be able to support business operations until at least Q2 2024.
Meanwhile, Lucid announced earlier this month that it had appointed Andrea Soriani as its vice president of marketing. Soriani brings over 25 years of global marketing experience and previously worked under Ferrari (NYSE:RACE) and Maserati (NYSE:STLA).
5 Investors Betting Big on LCID Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q1, 433 13F filers disclosed a stake in LCID, a decline of 15 filers from the previous quarter. Of those filers, only one of them owns LCID in their top 10 positions, and that is Saudi Arabia’s Public Investment Fund (PIF).
In total, the number of shares owned by 13F filers tallies in at 1.316 billion, down from 1.325 billion. Meanwhile, the institutional put/call ratio sits at 1.65, up from 1.25. That’s equivalent to 28.2 million puts and 17.10 million calls, implying a bearish options stance.
With that in mind, let’s take a look at the top five shareholders of the company:
- PIF: 1.1 billion shares. PIF’s position remained unchanged during Q1.
- Vanguard Group: 58.13 million shares. Vanguard acquired 5.58 million shares during Q1.
- BlackRock (NYSE:BLK): 34.33 million shares. BlackRock acquired 2.88 million shares during Q1.
- State Street (NYSE:STT): 11.87 million shares. State Street acquired 1.02 million shares during Q1.
- Geode Capital Management: 9.96 million shares. Geode acquired 1.13 million shares during Q1.
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 InvestorPlace.com Publishing Guidelines.