Vanguard Group Inc. Lowers Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Vanguard Group Inc. trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 8.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and 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 institutional investors and hedge funds have also bought and sold shares of RIVN. Charles Schwab Investment Management Inc. raised its holdings 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 worth $63,055,000 after purchasing an additional 133,781 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock valued at $2,404,000 after buying an additional 54,053 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $10,448,000. SBI Securities Co. Ltd. acquired a new position in shares of Rivian Automotive in the 4th quarter valued at about $1,382,000. Finally, Alberta Investment Management Corp purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $6,648,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction 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 transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,427 shares of company stock worth $2,588,475. Insiders own 2.51% of the company's stock.

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Rivian Automotive Price Performance

Shares of RIVN stock traded up $0.83 during trading hours on Tuesday, reaching $13.28. The company had a trading volume of 45,383,487 shares, compared to its average volume of 37,184,154. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86. The company has a market capitalization of $15.02 billion, a price-to-earnings ratio of -2.81 and a beta of 2.03. 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 fifty day moving average of $12.22 and a 200-day moving average of $12.11.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on RIVN shares. Guggenheim decreased their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. Benchmark reiterated a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Piper Sandler lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Barclays upped their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Finally, Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Three 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $14.38.

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.