Key Points
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The asset manager sold 3,522,200 Lucid shares with an estimated trade value ~$56.28 million based on average fourth-quarter pricing.
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Wolverine still held 16,778,500 shares as of Dec. 31, 2025.
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One of Wolverine’s largest holdings is Lucid competitor.
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What happened
According to its SEC filing dated Feb. 2, 2026, Wolverine Asset Management LLC reduced its exposure to Lucid Group (NASDAQ:LCID) by 3,522,200 shares in the fourth quarter of 2025. The estimated transaction value is approximately $56.28 million based on the average Q4 stock price. The quarter-end value of the Lucid position decreased by $305.60 million, a figure that reflects both share sales and the stock’s price movement during the period.
What else to know
- The sale activity leaves Lucid at 1.4% of reported 13F AUM
- As of Jan. 30, 2026, Lucid shares were priced at $11.07, down 59.3% over the prior year and lagging the S&P 500 by 73.6 percentage points
Company/Etf overview
| Metric | Value |
|---|---|
| Price (as of market close 2/2/26) | $10.29 |
| Market Capitalization | $3.15 billion |
| Revenue (TTM) | $1.07 billion |
| Net Income (TTM) | ($2.28 billion) |
Company snapshot
- Lucid designs, engineers, and manufactures electric vehicles, EV powertrains, and battery systems as its core products and primary revenue drivers.
- The company operates a vertically integrated business model, generating revenue through direct sales of electric vehicles and related technologies via retail studios and online channels.
- It targets premium automotive consumers, particularly those seeking high-performance electric vehicles in the United States and select international markets.
Lucid Group is a technology-driven automotive manufacturer focused on the development and production of advanced electric vehicles. The company leverages proprietary EV technology and vertical integration to compete in the premium segment of the electric vehicle market. With a strategy centered on innovation and direct-to-consumer sales, Lucid aims to differentiate itself through cutting-edge engineering and a luxury customer experience.
Foolish take for investors
Lucid has been struggling to increase sales volumes and recently launched its first new electric vehicle (EV) type. The fully electric Gravity SUV is the first model beyond Lucid’s luxury Air sedans. The company hopes the additional offering will expand its market. A lower-priced Gravity trim will follow the Grand Touring edition it is currently selling.
But the slow ramp in sales is draining Lucid’s finances. It has been relying on the backing of its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), for support.
While the PIF has expressed continued support for the EV maker, investors are waiting for the underlying business to provide financial support in the near future.
Wolverine Asset Management may still believe in Lucid’s potential, but its share sale likely shows lower confidence. It is also telling that Wolverine holds competitor Rivian Automotive (NASDAQ:RIVN) as one of its top stock holdings.
Rivian is well ahead of Lucid in selling fully electric SUVs. That company is also expanding beyond its initial model trim this year. With sales volumes much higher than Lucid, investors looking to choose a winner among electric SUV makers might want to consider Rivian instead.
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Howard Smith has positions in Lucid Group and Rivian Automotive. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.