Motor Co Ford Sells 7,000,000 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) major shareholder Motor Co Ford sold 7,000,000 shares of the company’s stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of 26.88, for a total value of 188,160,000.00. Following the transaction, the insider now owns 86,947,494 shares of the company’s stock, valued at 2,337,148,638.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Motor Co Ford also recently made the following trade(s):

  • On Monday, May 9th, Motor Co Ford sold 8,000,000 shares of Rivian Automotive stock. The stock was sold at an average price of 26.80, for a total value of 214,400,000.00.

Shares of NASDAQ:RIVN opened at 26.70 on Friday. The company has a fifty day moving average of 38.59. The company has a current ratio of 14.14, a quick ratio of 13.93 and a debt-to-equity ratio of 0.06. Rivian Automotive, Inc. has a fifty-two week low of 19.25 and a fifty-two week high of 179.47.

Rivian Automotive (NASDAQ:RIVNGet Rating) last announced its earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 EPS for the quarter, topping the consensus estimate of -1.46 by 0.03. As a group, research analysts predict that Rivian Automotive, Inc. will post -6.37 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in RIVN. Amazon com Inc bought a new stake in shares of Rivian Automotive during the fourth quarter worth $16,420,746,000. Coatue Management LLC bought a new stake in shares of Rivian Automotive during the fourth quarter worth $3,652,616,000. BlackRock Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth $3,195,595,000. Capital Research Global Investors bought a new stake in shares of Rivian Automotive during the fourth quarter worth $2,562,520,000. Finally, Soros Fund Management LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at $2,056,770,000. Institutional investors own 78.67% of the company’s stock.

RIVN has been the subject of a number of research analyst reports. Wolfe Research cut their price target on Rivian Automotive from $130.00 to $78.00 and set an “outperform” rating for the company in a report on Friday, March 11th. Mizuho cut their target price on Rivian Automotive from $90.00 to $80.00 in a research note on Thursday. Wedbush cut their target price on Rivian Automotive from $60.00 to $30.00 in a research note on Thursday. Barclays cut their target price on Rivian Automotive from $38.00 to $24.00 in a research note on Friday. Finally, JPMorgan Chase & Co. cut their target price on Rivian Automotive from $104.00 to $84.00 in a research note on Wednesday, January 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of 74.59.

About Rivian Automotive (Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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