Legal & General Group Plc Trims Stock Holdings in Rivian Automotive, Inc. $RIVN

Legal & General Group Plc reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 4.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,814,378 shares of the electric vehicle automaker’s stock after selling 237,259 shares during the quarter. Legal & General Group Plc owned about 0.43% of Rivian Automotive worth $66,150,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Caisse Des Depots ET Consignations bought a new position in shares of Rivian Automotive in the first quarter worth $2,807,000. Ethos Financial Group LLC purchased a new stake in Rivian Automotive during the 1st quarter worth about $311,000. Intech Investment Management LLC boosted its stake 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 worth $4,370,000 after purchasing an additional 294,539 shares during the period. Udine Wealth Management Inc. purchased a new position in Rivian Automotive during the 2nd quarter valued at about $937,000. Finally, Mn Services Vermogensbeheer B.V. increased its position in shares of Rivian Automotive by 24.3% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 293,800 shares of the electric vehicle automaker’s stock valued at $4,037,000 after buying an additional 57,500 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 52,350 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the sale, the chief executive officer owned 1,246,405 shares in the company, valued at $20,690,323. The trade was a 4.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 87,250 shares of company stock worth $1,357,610. Company insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Up 2.6%

Shares of NASDAQ:RIVN opened at $15.56 on Wednesday. The firm has a market capitalization of $19.08 billion, a PE ratio of -5.00 and a beta of 1.81. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. Rivian Automotive, Inc. has a 52-week low of $10.36 and a 52-week high of $18.13. The firm has a fifty day moving average of $14.33 and a 200 day moving average of $13.90.

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

Analyst Ratings Changes

A number of research firms have recently commented on RIVN. JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Mizuho reissued an “underperform” rating and issued a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Wedbush reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. DA Davidson boosted their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Finally, Morgan Stanley lowered their price target on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.34.

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.