Principal Financial Group Inc. Cuts Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

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

Other large investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its stake in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after buying an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. Swiss National Bank boosted its holdings in Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after acquiring an additional 45,200 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Rivian Automotive by 11.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker’s stock valued at $19,823,000 after acquiring an additional 181,155 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Truist Financial boosted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Needham & Company LLC lifted their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Finally, UBS Group increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.87.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by company insiders.

Rivian Automotive Stock Down 3.4 %

Shares of NASDAQ:RIVN opened at $11.03 on Friday. The company’s fifty day moving average is $13.17 and its two-hundred day moving average is $12.39. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. 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 (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.43 billion. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.