American Century Companies Inc. Reduces Stake in Rivian Automotive, Inc. $RIVN

American Century Companies Inc. reduced its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 179,863 shares of the electric vehicle automaker’s stock after selling 2,791 shares during the period. American Century Companies Inc.’s holdings in Rivian Automotive were worth $2,239,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of RIVN. Vanguard Group Inc. increased its stake in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Northern Trust Corp increased its stake in Rivian Automotive by 68.5% in 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 in the last quarter. Nuveen LLC purchased a new position in Rivian Automotive in the 1st quarter valued at approximately $33,582,000. Twinbeech Capital LP purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $29,944,000. Finally, Soma Equity Partners LP increased its stake in Rivian Automotive by 19.9% in 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 in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.16% of the stock is owned by company insiders.

Rivian Automotive Price Performance

RIVN stock opened at $13.57 on Tuesday. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $17.15. The stock’s fifty day simple moving average is $12.97 and its 200-day simple moving average is $12.96. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of -4.20 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the business earned ($1.46) EPS. Rivian Automotive’s revenue for the quarter was up 12.5% compared to the same quarter last year. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on RIVN. Wells Fargo & Company dropped their price target on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. Stifel Nicolaus dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Jefferies Financial Group reissued a “hold” rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Five analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $13.69.

Rivian Automotive Company 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.