Aviva PLC Trims Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Aviva PLC trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 91.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,869,228 shares of the electric vehicle automaker’s stock after selling 20,035,064 shares during the period. Aviva PLC’s holdings in Rivian Automotive were worth $24,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after acquiring an additional 133,781 shares in the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in Rivian Automotive during the 4th quarter worth $1,363,000. Groupama Asset Managment bought a new stake in Rivian Automotive during the 4th quarter valued at $26,600,000. SG Americas Securities LLC lifted its holdings in shares of Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after buying an additional 54,053 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Rivian Automotive during the 4th quarter worth $10,448,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.21 on Monday. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $12.68 billion, a PE ratio of -2.37 and a beta of 1.89. The company’s 50 day moving average is $12.17 and its 200 day moving average is $12.08.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,998 shares of company stock worth $1,433,468. Insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RIVN shares. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company. Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Company 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.