Aviva PLC Sells 968,807 Shares of Rivian Automotive, Inc. $RIVN

Aviva PLC lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 62.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 586,364 shares of the electric vehicle automaker’s stock after selling 968,807 shares during the quarter. Aviva PLC owned about 0.05% of Rivian Automotive worth $8,057,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RIVN. Caisse Des Depots ET Consignations bought a new position in Rivian Automotive during the 1st quarter worth about $2,807,000. Ethos Financial Group LLC bought a new position in shares of Rivian Automotive during the first quarter worth about $311,000. Intech Investment Management LLC raised its position in Rivian Automotive by 522.0% in the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock valued at $4,370,000 after buying an additional 294,539 shares during the last quarter. Udine Wealth Management Inc. bought a new stake in Rivian Automotive in the 2nd quarter valued at approximately $937,000. Finally, Mn Services Vermogensbeheer B.V. boosted its position in Rivian Automotive by 24.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 293,800 shares of the electric vehicle automaker’s stock worth $4,037,000 after acquiring an additional 57,500 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 2.8%

RIVN stock opened at $17.52 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company has a fifty day moving average price of $14.10 and a two-hundred day moving average price of $13.79. Rivian Automotive, Inc. has a one year low of $9.55 and a one year high of $18.13. The stock has a market cap of $21.26 billion, a price-to-earnings ratio of -5.63 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.02. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company’s revenue was up 78.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.08) earnings per share. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on RIVN. UBS Group increased their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Friday, October 3rd. Finally, Stifel Nicolaus lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $13.81.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 42,147 shares of company stock valued at $577,593 over the last 90 days. Company insiders own 2.16% of the company’s stock.

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.