Manchester Global Management UK Ltd Sells 260,000 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Manchester Global Management UK Ltd lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 43.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 335,939 shares of the electric vehicle automaker's stock after selling 260,000 shares during the quarter. Rivian Automotive makes up approximately 0.6% of Manchester Global Management UK Ltd's holdings, making the stock its 25th largest position. Manchester Global Management UK Ltd's holdings in Rivian Automotive were worth $4,468,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in Rivian Automotive in the 3rd quarter worth approximately $4,184,000. Sanctuary Advisors LLC increased its holdings in shares of Rivian Automotive by 9.0% during the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker's stock valued at $457,000 after purchasing an additional 3,681 shares during the period. World Investment Advisors LLC raised its stake in shares of Rivian Automotive by 8.6% during the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock valued at $204,000 after purchasing an additional 1,446 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the third quarter valued at about $28,000. Finally, Tidal Investments LLC lifted its holdings in Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker's stock worth $3,018,000 after purchasing an additional 60,205 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,775,506.06. This represents a 4.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,154,905 over the last ninety days. Corporate insiders own 2.51% of the company's stock.

Rivian Automotive Stock Up 4.4 %

Shares of Rivian Automotive stock traded up $0.53 on Friday, hitting $12.62. 24,445,614 shares of the company traded hands, compared to its average volume of 36,491,157. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 12-month low of $8.50 and a 12-month high of $18.86. The company has a 50-day moving average price of $11.71 and a 200 day moving average price of $12.11. The company has a market cap of $14.27 billion, a PE ratio of -2.67 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results 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. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RIVN. Cowen initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating for the company. JPMorgan Chase & Co. dropped their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Friday. Needham & Company LLC upped their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Friday, February 21st. The Goldman Sachs Group dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Finally, Guggenheim reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $14.08.

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.