Aviva PLC Sells 20,035,064 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Aviva PLC lessened its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 91.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,869,228 shares of the electric vehicle automaker's stock after selling 20,035,064 shares during the period. Aviva PLC owned about 0.18% of Rivian Automotive worth $24,861,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in 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 buying an additional 133,781 shares during the last quarter. Mountain Hill Investment Partners Corp. bought a new position in Rivian Automotive during the fourth quarter valued at approximately $1,363,000. Groupama Asset Managment bought a new position in Rivian Automotive during the fourth quarter valued at approximately $26,600,000. SG Americas Securities LLC boosted its holdings in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after purchasing an additional 54,053 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Rivian Automotive in the 4th quarter worth approximately $10,448,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Stock Performance

RIVN opened at $11.21 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market capitalization of $12.68 billion, a price-to-earnings ratio of -2.37 and a beta of 1.89. The company has a fifty day moving average of $12.17 and a 200 day moving average of $12.08. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RIVN shares. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, January 16th. Needham & Company LLC increased their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Robert W. Baird restated a "neutral" rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Finally, Mizuho decreased their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.38.

Insider Transactions at Rivian Automotive

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

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.

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