Wellington Management Group LLP Sells 3,538,483 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Wellington Management Group LLP decreased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 97.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,832 shares of the electric vehicle automaker’s stock after selling 3,538,483 shares during the period. Wellington Management Group LLP’s holdings in Rivian Automotive were worth $2,154,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Ancora Advisors LLC acquired a new stake in Rivian Automotive in the 3rd quarter worth $27,000. Bear Mountain Capital Inc. bought a new position in Rivian Automotive during the fourth quarter valued at about $26,000. Principal Securities Inc. acquired a new position in Rivian Automotive in the 4th quarter valued at approximately $33,000. Arlington Trust Co LLC acquired a new position in Rivian Automotive in the 4th quarter valued at approximately $35,000. Finally, Parkside Financial Bank & Trust lifted its position in shares of Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after acquiring an additional 784 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.04.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Up 3.7 %

Shares of NASDAQ:RIVN opened at $13.92 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The stock has a market cap of $13.85 billion, a price-to-earnings ratio of -2.41 and a beta of 2.07. The company has a 50 day moving average of $10.78 and a 200-day moving average of $13.38. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.93 earnings per share for the current year.

About Rivian Automotive

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.