Baillie Gifford, Rivian‘s third largest institutional shareholder as of end of Q1, trimmed its stake in the EV maker by nearly 1 million shares in the second quarter, according to a recent SEC filing.
The British firm held 47,584,480 shares in the Irvine-based company by June 30, 958,407 down from the first quarter. The shares were valued at $653 million as of the end of the second quarter.
This is the third consecutive quarter in which Baillie Gifford trims its stake in the company, having sold 1 million shares in the first quarter and nearly 750,000 in the final months of 2024.
The firm reached a record position in the automaker in the third quarter of 2024, when it held over 50 million shares — having doubled its stake from the first quarter of the same year.
By the end of March 2024, the asset manager held 25 million shares, a surge from the 3 million shares it held in the previous quarter — a number of shares that Baillie Gifford remained stable at since it opened a position in the automaker by the end of 2021, when Rivian went public.
Since the company’s debut on Nasdaq, institutional investors have consistently held between 600 million and 700 million shares — including Amazon’s stake.
Holdings peaked in mid-2024 at over 700 million shares, but have since declined to around 650 million shares.
Rivian is currently owned by 865 institutions, which hold about 633 million shares, according to data from Nasdaq. Its early investor, Amazon, holds over 158 million of those shares.
As of the end of the first quarter, Rivian‘s largest institutional shareholders were Vanguard (with over 77 million shares) and BlackRock (with nearly 50 million), two of the world’s largest asset managers. They were followed by Baillie Gifford.
Connor, Clark & Lunn Investment Management, one of the largest privately owned asset management firms in Canada, has doubled its stake in Rivian from 1 million to nearly 2.2 million shares, valued at $30 million.
Earlier this week, the EV maker’s shares hit a new three-month low after the company reported its second quarter earnings results, returning to negative gross margins.
By then, several Wall Street analysts — from firms such as Needham, Mizuho, Piper Sandler and JP Morgan — cut their annual price targets on Rivian.
Wedbush analyst Dan Ives trimmed the price target by $2.00 to $16.00, citing “continued tariff challenges over the coming quarters.” Canaccord, which also has a bullish view on the company, cut its price target from $23.00 to $21.00.
Rivian is currently trading at $12.14 on Friday’s pre-market session. The stock lost nearly 13.5% in the past twelve months and over 9% year to date.+
