Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,482,005 shares of the electric vehicle automaker’s stock after selling 6,886,430 shares during the period. Vanguard Group Inc. owned approximately 7.00% of Rivian Automotive worth $950,711,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after purchasing an additional 133,781 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Rivian Automotive by 42.7% during the fourth 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 in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Rivian Automotive during the fourth quarter worth approximately $10,448,000. SBI Securities Co. Ltd. acquired a new position in Rivian Automotive in the fourth quarter worth approximately $1,382,000. Finally, Alberta Investment Management Corp bought a new position in shares of Rivian Automotive in the fourth quarter valued at $6,648,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Down 4.7 %

Shares of NASDAQ RIVN opened at $12.41 on Friday. The stock has a market cap of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The business has a 50 day simple moving average of $12.26 and a 200 day simple moving average of $12.14. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate 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, research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,427 shares of company stock worth $2,588,475. Corporate insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RIVN shares. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Piper Sandler lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Mizuho dropped their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, TD Cowen began coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price on the stock. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price 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.