Coatue Management sold stakes in Oracle, Tesla, and Nvidia in Q1 while initiating a position in Lucid Group, down 94% since its September 2020 IPO.

Coatue dumped its entire Oracle stake, trimmed Tesla by 96%, and slashed Nvidia by 31% in the first quarter. The fund simultaneously bought over 295,300 shares of EV maker Lucid Group valued at $2.8 million.

Lucid has declined 94% from its September 2020 IPO price and is down nearly 48% year-to-date. The company has faced significant financial challenges including high cash burn, substantial debt, and ongoing losses, while the Trump administration removed the $7,500 federal EV tax credit.

Coatue's Lucid position appears to be a speculative bet, with the fund also purchasing renewable-themed stocks in Q1. Citigroup analyst Michael Ward has a $14 price target on Lucid, implying more than a double from its current share price under $6.