Legal & General Group Plc Sells 1,394,980 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Legal & General Group Plc cut its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 24.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,388,220 shares of the electric vehicle automaker's stock after selling 1,394,980 shares during the quarter. Legal & General Group Plc owned approximately 0.43% of Rivian Automotive worth $58,363,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Tandem Financial LLC acquired a new stake in Rivian Automotive in the 4th quarter worth $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the third quarter worth $28,000. Bear Mountain Capital Inc. boosted its stake in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after buying an additional 1,932 shares in the last quarter. Finally, AllSquare Wealth Management LLC increased its holdings in Rivian Automotive by 8,794.1% in the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock valued at $40,000 after buying an additional 2,990 shares during the period. Institutional investors own 66.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RIVN. Piper Sandler lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Benchmark reissued a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target on the stock. Finally, Robert W. Baird cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday. 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's stock. According to data from MarketBeat, Rivian Automotive has an average rating of "Hold" and a consensus target price of $14.17.

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Rivian Automotive Trading Down 1.7 %

RIVN stock traded down $0.21 during midday trading on Tuesday, reaching $11.82. The company's stock had a trading volume of 12,775,787 shares, compared to its average volume of 36,885,904. The business's 50-day simple moving average is $11.97 and its 200-day simple moving average is $12.06. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The stock has a market cap of $13.37 billion, a PE ratio of -2.50 and a beta of 1.89.

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

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. This represents a 7.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,237,044 in the last ninety days. 2.51% of the stock is owned by insiders.

About Rivian Automotive

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.