Principal Financial Group Inc. Sells 7,780 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Principal Financial Group Inc. lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 12.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 53,440 shares of the electric vehicle automaker’s stock after selling 7,780 shares during the period. Principal Financial Group Inc.’s holdings in Rivian Automotive were worth $600,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RIVN. Quent Capital LLC lifted its position in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. increased its holdings in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the last quarter. American Capital Advisory LLC increased its holdings in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Rivian Automotive during the second quarter worth $37,000. Institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock valued at $2,142,188 in the last quarter. 2.51% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RIVN has been the topic of several research reports. Truist Financial decreased their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Up 2.2 %

Shares of RIVN opened at $10.24 on Monday. The business’s 50 day moving average is $10.75 and its 200 day moving average is $12.43. The company has a market capitalization of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.