Baillie Gifford & Co. Sells 2,647,037 Shares of Rivian Automotive, Inc. $RIVN

Baillie Gifford & Co. lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 5.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,937,443 shares of the electric vehicle automaker’s stock after selling 2,647,037 shares during the quarter. Baillie Gifford & Co. owned 3.70% of Rivian Automotive worth $659,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Rakuten Investment Management Inc. purchased a new position in Rivian Automotive in the third quarter worth about $2,929,000. Root Financial Partners LLC bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $45,000. Mizuho Markets Americas LLC raised its holdings in Rivian Automotive by 200.6% in the 3rd quarter. Mizuho Markets Americas LLC now owns 738,534 shares of the electric vehicle automaker’s stock worth $10,842,000 after acquiring an additional 492,886 shares during the last quarter. Allstate Corp bought a new position in Rivian Automotive in the 3rd quarter valued at approximately $427,000. Finally, SOL Capital Management CO boosted its stake in Rivian Automotive by 7.0% during the 3rd quarter. SOL Capital Management CO now owns 216,419 shares of the electric vehicle automaker’s stock valued at $3,177,000 after purchasing an additional 14,215 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $15.95 on Friday. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $19.55 billion, a PE ratio of -5.13 and a beta of 1.77. The firm’s 50 day moving average price is $18.02 and its 200-day moving average price is $15.14. Rivian Automotive, Inc. has a twelve month low of $10.36 and a twelve month high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the company earned ($1.08) earnings per share. The firm’s revenue was up 78.3% on a year-over-year basis. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total transaction of $279,723.50. Following the transaction, the chief executive officer owned 1,115,209 shares of the company’s stock, valued at $17,876,800.27. The trade was a 1.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 8,039 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total transaction of $144,702.00. Following the completion of the transaction, the chief financial officer owned 730,017 shares of the company’s stock, valued at approximately $13,140,306. The trade was a 1.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 172,504 shares of company stock valued at $3,012,734. Company insiders own 2.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Canaccord Genuity Group restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Wedbush boosted their target price on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, December 19th. Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a report on Monday, December 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Eight analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $16.23.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.