Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Manchester Global Management UK Ltd

Manchester Global Management UK Ltd reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 43.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 335,939 shares of the electric vehicle automaker's stock after selling 260,000 shares during the quarter. Rivian Automotive makes up approximately 0.6% of Manchester Global Management UK Ltd's investment portfolio, making the stock its 25th largest position. Manchester Global Management UK Ltd's holdings in Rivian Automotive were worth $4,468,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares during the last quarter. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter valued at about $123,308,000. Charles Schwab Investment Management Inc. boosted its stake in 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 worth $63,055,000 after buying an additional 133,781 shares during the period. Finally, Groupama Asset Managment acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $26,600,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research analyst reports. Cantor Fitzgerald cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Cowen initiated coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating for the company. Robert W. Baird cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. UBS Group lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Mizuho cut their price target on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $14.08.

Rivian Automotive Stock Up 4.4 %

RIVN stock traded up $0.53 during trading on Friday, hitting $12.62. 24,445,614 shares of the company's stock were exchanged, compared to its average volume of 36,432,856. The stock has a market capitalization of $14.27 billion, a price-to-earnings ratio of -2.67 and a beta of 1.89. Rivian Automotive, Inc. has a 52-week low of $8.46 and a 52-week 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 business has a 50-day moving average price of $11.74 and a two-hundred day moving average price of $12.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly 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. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $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 can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $11.46, for a total transaction of $409,270.98. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,775,506.06. This trade represents a 4.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock worth $2,154,905. Corporate insiders own 2.51% of the company's stock.

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.