Goldman Sachs increased its position in the electric vehicle maker Rivian by 158.7% in the first quarter to more than 11.7 million shares, its latest 13F filing with the Securities and Exchange Commission showed.
The U.S. bank held 4,529,630 Rivian shares at the end of last year, a position valued at more than $60 million. Between January and March, the group more than doubled its stake, buying 7.19 million more shares.
The firm first bought shares of the Irvine-based brand in the last quarter of 2021, shortly after Rivian went public. Back then, it acquired 111,317 shares.
As of March 31, Goldman Sachs’ position in Rivian was valued at nearly $146 million and reached a new record high.
After having sharply trimmed its position a year ago by 82.3%, the bank gradually retrieved its stake in the automaker. Amazon is Rivian‘s biggest institutional shareholder, holding 158,363,834 shares of the company since the company’s initial public offering in late 2021.
In September 2019, Chief Executive Jeff Bezos announced Amazon had ordered 100,000 electric delivery vehicles as part of its plan to transition its delivery fleet to 100% renewable energy by 2030.
Amazon is followed by BlackRock and Baillie Gifford. As of Tuesday and based on the quarterly portfolio updates already filed with the SEC, Goldman Sachs was Rivian’s seventh biggest institutional holder.
According to Fintel, the company currently has 1,134 institutional owners, holding 670,092,943 shares — the highest since mid-2024.
The same quarterly portfolio update revealed that Goldman Sachs nearly doubled its position in Lucid, closing the first quarter of the year with over 5.44 million shares.
Meanwhile, Baillie Gifford trimmed its stake in Rivian by selling 1 million shares, a 2.14% decrease from the 49.6 million it held at the end of last year. As of March 31, the firm owned 48,542,887 shares of Rivian, valued at more than $600 million.
Last week, the company reported a record gross profit of $206 million for the quarter, surpassing Wall Street expectations and marking its second straight quarter of positive profit.
The result was largely driven by $157 million in revenue from automotive regulatory credit sales and led several Wall Street firms to raise price targets on the company.
As of the time of writing, Rivian is trading 1% higher at $14.81. The stock rose 32.4% in the past twelve months.
