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Baillie Gifford Sells Almost All Its Just Over 10% Peloton Stake

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The troubled fitness retailer and services company reported earnings last week

Baillie Gifford & Co has filed a 13G/A form with the SEC disclosing ownership of 2,054,987 shares of Peloton Interactive, Inc. Class A (NASDAQ:PTON). This represents 0.66% of the company.

In their previous filing dated January 27, 2022, they reported 31,817,011 shares and 10.67% of the company, a decrease in shares of 93.54% and a decrease in total ownership of 10.01% (calculated as current – previous percent ownership).

Baillie has filed eight 13D/G filings since November 13, 2019.

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Peloton's Expectations

Last week Peloton said it expects $700 million to $725 million in revenue in its holiday quarter, short of the $866 million analysts had forecast. It cited lower disposable consumer income and a shift in spending patterns.

Peloton also said it saw its member count decline to 6.7 million during its first quarter from 6.9 in its fourth, reflecting "the rolloff of a Covid-impacted quarter" and a drop in subscribers for the Peloton app. 

What are other large shareholders doing?

Peloton

Price T Rowe Associates Inc /md/ holds 44,787,453 shares representing 13.17% ownership of the company. In its prior filing, the firm reported owning 40,969,073 shares, representing an increase of 8.53%. The firm decreased its portfolio allocation in PTON by 52.40% over the last quarter.

Vanguard Group Inc holds 26,265,904 shares representing 7.72% ownership of the company. In its prior filing, the firm reported owning 25,768,977 shares, representing an increase of 1.89%. The firm decreased its portfolio allocation in PTON by 57.91% over the last quarter.

Baillie Gifford & Co holds 25,119,141 shares representing 7.39% ownership of the company. In its prior filing, the firm reported owning 27,564,218 shares, representing a decrease of 9.73%. The firm decreased its portfolio allocation in PTON by 30.84% over the last quarter.

Morgan Stanley holds 15,685,003 shares representing 4.61% ownership of the company. In its prior filing, the firm reported owning 15,189,243 shares, representing an increase of 3.16%. The firm decreased its portfolio allocation in PTON by 65.47% over the last quarter.

BlackRock Inc. holds 15,271,909 shares representing 4.49% ownership of the company. In its prior filing, the firm reported owning 15,909,782 shares, representing a decrease of 4.18%. The firm decreased its portfolio allocation in PTON by 60.28% over the last quarter.

What is the overall institutional sentiment?

There are 807 funds or institutions reporting positions in Peloton Interactive, Inc. Class A. This is a decrease of 86 owner(s) or 9.63%.

Average portfolio weight of all funds dedicated to Peloton Interactive, Inc. Class A is 0.1487%, a decrease of 37.3921%. Total shares owned by institutions decreased in the last three months by 2.58% to 304,262,926 shares.

Based on this information, institutional sentiment is bearish.

Article by Fintel