Principal Financial Group Inc. Sells 944 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Principal Financial Group Inc. lessened its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,446 shares of the electric vehicle automaker’s stock after selling 944 shares during the quarter. Principal Financial Group Inc.’s holdings in Rivian Automotive were worth $516,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors bought a new stake in Rivian Automotive during the 4th quarter valued at about $144,030,000. Norges Bank purchased a new position in Rivian Automotive during the 4th quarter valued at about $123,308,000. Soma Equity Partners LP increased its position in Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after purchasing an additional 1,407,772 shares during the period. Finally, Northern Trust Corp increased its position in Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $13.70 on Monday. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $17.56. The company has a 50 day simple moving average of $14.12 and a two-hundred day simple moving average of $13.09. The stock has a market cap of $15.49 billion, a price-to-earnings ratio of -3.68 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. During the same period in the previous year, the business posted ($1.48) EPS. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the sale, the chief executive officer owned 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 205,694 shares of company stock valued at $3,144,612. Company insiders own 2.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RIVN shares. Wedbush cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Robert W. Baird cut their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus lifted their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $14.38.

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.