Legal & General Group Plc Decreases Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Legal & General Group Plc lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 24.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 0.43% of Rivian Automotive worth $58,363,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its position in shares of Rivian Automotive by 6.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock valued at $860,000 after acquiring an additional 4,338 shares during the period. Captrust Financial Advisors increased its stake in Rivian Automotive by 19.4% in the 3rd quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker’s stock valued at $465,000 after purchasing an additional 6,738 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Rivian Automotive by 107.6% during the third quarter. Janus Henderson Group PLC now owns 86,241 shares of the electric vehicle automaker’s stock worth $968,000 after purchasing an additional 44,700 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in Rivian Automotive during the third quarter worth $183,000. Finally, EP Wealth Advisors LLC acquired a new stake in Rivian Automotive in the third quarter valued at $129,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $11.47 on Friday. The company’s fifty day simple moving average is $11.99 and its 200-day simple moving average is $12.05. The company has a current ratio of 5.09, a quick ratio of 3.70 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 company has a market cap of $12.97 billion, a PE ratio of -2.43 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping 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 company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,427 shares of company stock valued at $2,237,044. Corporate insiders own 2.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Mizuho cut their price objective on Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Piper Sandler lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Wells Fargo & Company boosted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Finally, Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.25.

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.