Aviva PLC Has $24.86 Million Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Aviva PLC cut its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 91.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,869,228 shares of the electric vehicle automaker's stock after selling 20,035,064 shares during the quarter. Aviva PLC owned 0.18% of Rivian Automotive worth $24,861,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIVN. Geode Capital Management LLC grew its stake in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares in the last quarter. Norges Bank acquired a new position in shares of Rivian Automotive during the 4th quarter worth $123,308,000. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after buying an additional 133,781 shares in the last quarter. Groupama Asset Managment acquired a new stake in shares of Rivian Automotive in the fourth quarter worth about $26,600,000. Finally, California Public Employees Retirement System boosted its stake in shares of Rivian Automotive by 19.7% during the 4th quarter. California Public Employees Retirement System now owns 1,265,248 shares of the electric vehicle automaker's stock worth $16,828,000 after acquiring an additional 208,326 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. The trade was a 7.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now 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 have sold a total of 185,427 shares of company stock valued at $2,237,044 in the last 90 days. 2.51% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Truist Financial raised their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price for the company. Finally, Benchmark reissued a "buy" rating and set a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $14.34.

Rivian Automotive Trading Down 3.7 %

RIVN stock traded down $0.43 during midday trading on Thursday, reaching $11.34. The stock had a trading volume of 13,070,587 shares, compared to its average volume of 37,258,383. The firm has a market cap of $12.82 billion, a price-to-earnings ratio of -2.40 and a beta of 1.89. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business has a fifty day simple moving average of $12.04 and a two-hundred day simple moving average of $12.05.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping 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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal 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.