Principal Financial Group Inc. Has $980,000 Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Principal Financial Group Inc. decreased its stake in Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 19.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,768 shares of the electric vehicle automaker’s stock after selling 10,291 shares during the period. Principal Financial Group Inc.’s holdings in Rivian Automotive were worth $980,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of RIVN. Victory Capital Management Inc. grew its stake in shares of Rivian Automotive by 47.7% in the third quarter. Victory Capital Management Inc. now owns 335,631 shares of the electric vehicle automaker’s stock worth $8,149,000 after acquiring an additional 108,428 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Rivian Automotive in the third quarter worth $205,000. New York State Common Retirement Fund lifted its position in Rivian Automotive by 9.3% in the third quarter. New York State Common Retirement Fund now owns 565,668 shares of the electric vehicle automaker’s stock worth $13,734,000 after purchasing an additional 47,928 shares during the period. Kingsview Wealth Management LLC bought a new position in Rivian Automotive in the third quarter worth $687,000. Finally, Kestra Private Wealth Services LLC lifted its position in Rivian Automotive by 28.4% in the third quarter. Kestra Private Wealth Services LLC now owns 24,315 shares of the electric vehicle automaker’s stock worth $590,000 after purchasing an additional 5,380 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $10.92 on Monday. The stock has a 50-day moving average price of $10.00 and a 200 day moving average price of $14.25. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, analysts predict that Rivian Automotive, Inc. will post -4.96 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on RIVN shares. Stifel Nicolaus reduced their target price on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Jefferies Financial Group assumed coverage on Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price for the company. Barclays cut their price objective on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. Finally, Mizuho cut their price objective on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.00.

Read Our Latest Research Report on Rivian Automotive

About Rivian Automotive

(Free Report)

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.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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