Baillie Gifford, which holds the third largest stake in Rivian if excluding Amazon and Volkswagen, has trimmed its position in the EV maker for the fourth consecutive quarter.
According to a new SEC filing, the British firm sold about 2.6 million Rivian shares, cutting its stake by about 5.6% between July and September.
The investment management firm closed the third quarter holding 44.9 million shares in the EV maker, worth nearly $659.7 million.
Baillie Gifford has invested in Rivian since its debut on Nasdaq on November 10, 2021.
On that day, the share price peaked at $179.47 before closing at $119.76. The stock lost 87% of its value since then.
The firm opened a position in the Irvine-headquartered company with 3.5 million shares, in late 2021, a stake that was valued at $369 million.
Its position in Rivian jumped from 3 million to 25 million in early 2024, and reached its peak by the end of September, at 50 million shares.
Since it entered the company, Baillie Gifford’s holdings have increased twelvefold.
However, the value of the position has risen by only 78%, reflecting the plunge in the stock price.
Institutional Ownership
As of Tuesday, data from Nasdaq shows that 859 institutions collectively hold 687 million shares in Rivian.
Since early 2022, the number of institutionally held shares has mostly remained between 600,000 and 700,000, only exceeding this range in mid-2024.
The EV maker is primarily backed by Amazon, which invested in the company in 2019 and committed to purchasing over 100,000 electric delivery vans until 2030.
Amazon holds 158 million shares in the EV maker since then.
Volkswagen also invested in Rivian late last year, as part of the two companies’ partnership on software development.
As of June 30, Volkswagen held 146 million shares in the EV maker.
Rivian has received the first two $1 billion tranches of the (up to) $5.8 billion investment in the first and second quarters, after reporting a positive gross profit in both periods.
Once — and if — all investment tranches are completed, Volkswagen is expected to surpass Amazon as Rivian‘s largest shareholder.
Vanguard and BlackRock pose as is the following largest institutional investors in Rivian, with updated portfolios of 81.6 million and 51.2 million shares.
Bank of America is the twelfth biggest institution with a stake in Rivian, with 13.2 million shares held by the end of the third quarter.
Stock Performance
Rivian’s share price is up by about 1.3% quarter to date, which has led Baillie Gifford’s position’s value to increase to $668.2 million.
The stock recently surged more than 20%, the day after the company released its third-quarter results.
A continued rise in the following week led the share price to hit a 15-month high of $18.02 on November 11.
However, the stock lost most of its gains over the last seven days, having closed at $14.87 on Monday.
