Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 20.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 42,390 shares of the electric vehicle automaker’s stock after selling 11,050 shares during the quarter. Principal Financial Group Inc.’s holdings in Rivian Automotive were worth $564,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. State of New Jersey Common Pension Fund D boosted its holdings in Rivian Automotive by 5.2% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 296,013 shares of the electric vehicle automaker’s stock worth $3,937,000 after buying an additional 14,513 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $556,000. Allworth Financial LP boosted its stake in shares of Rivian Automotive by 14.0% during the 4th quarter. Allworth Financial LP now owns 28,711 shares of the electric vehicle automaker’s stock worth $364,000 after acquiring an additional 3,521 shares in the last quarter. Montag A & Associates Inc. grew its holdings in shares of Rivian Automotive by 10.6% in the 4th quarter. Montag A & Associates Inc. now owns 15,154 shares of the electric vehicle automaker’s stock worth $202,000 after acquiring an additional 1,454 shares during the period. Finally, Asset Management One Co. Ltd. increased its stake in Rivian Automotive by 13.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 294,468 shares of the electric vehicle automaker’s stock valued at $4,019,000 after purchasing an additional 34,948 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Piper Sandler dropped their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. UBS Group upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, Barclays increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.87.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,357 shares of company stock valued at $3,988,140 in the last ninety days. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Down 3.4 %

RIVN opened at $11.03 on Friday. The stock has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.34 and a beta of 2.04. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business has a 50-day moving average of $13.17 and a two-hundred day moving average of $12.39.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. On average, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.