Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. reduced its stake in Rivian Automotive by 2.1%, selling 1,060,559 shares and holding 48,542,887 shares valued at approximately $604 million as of the latest quarter.
• Rivian's stock has received mixed ratings from analysts, with an average price target of $14.38; three analysts rated it as a sell while nineteen gave it a hold rating.
• The company reported a loss of ($0.57) EPS for the past quarter, beating estimates, with a revenue of $1.24 billion, marking a year-over-year increase of 3%.

Baillie Gifford & Co. cut its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,542,887 shares of the electric vehicle automaker's stock after selling 1,060,559 shares during the period. Baillie Gifford & Co. owned 4.29% of Rivian Automotive worth $604,359,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares during the period. Orion Capital Management LLC bought a new stake in Rivian Automotive during the fourth quarter valued at $34,000. Quarry LP purchased a new stake in Rivian Automotive during the fourth quarter valued at about $38,000. Olde Wealth Management LLC purchased a new position in shares of Rivian Automotive in the first quarter worth about $37,000. Finally, Golden State Wealth Management LLC grew its stake in shares of Rivian Automotive by 107.9% in the first quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker's stock worth $41,000 after purchasing an additional 1,714 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 205,694 shares of company stock worth $3,144,612 over the last ninety days. Insiders own 2.16% of the company's stock.

Rivian Automotive Stock Down 1.5%

Rivian Automotive stock traded down $0.21 during mid-day trading on Monday, reaching $13.81. 12,309,634 shares of the company's stock were exchanged, compared to its average volume of 32,189,766. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $17.15. The company has a fifty day moving average of $14.01 and a 200-day moving average of $13.04. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The company has a market cap of $15.61 billion, a P/E ratio of -3.72 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same period in the prior year, the firm posted ($1.48) EPS. The company's quarterly revenue was up 3.0% compared to the same quarter last year. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RIVN. Wall Street Zen cut Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday. Piper Sandler upped their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, Wedbush decreased their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and an average target price of $14.38.

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.