Wellington Management Group LLP Sells 3,538,483 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Wellington Management Group LLP decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 97.5% during the 4th quarter, HoldingsChannel reports. The firm owned 91,832 shares of the electric vehicle automaker’s stock after selling 3,538,483 shares during the quarter. Wellington Management Group LLP’s holdings in Rivian Automotive were worth $2,154,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of RIVN. LPL Financial LLC boosted its position in Rivian Automotive by 48.5% in the third quarter. LPL Financial LLC now owns 370,107 shares of the electric vehicle automaker’s stock valued at $8,986,000 after buying an additional 120,883 shares in the last quarter. Ancora Advisors LLC acquired a new position in Rivian Automotive in the 3rd quarter worth about $27,000. Advisors Asset Management Inc. raised its position in Rivian Automotive by 12.9% in the third quarter. Advisors Asset Management Inc. now owns 28,403 shares of the electric vehicle automaker’s stock valued at $690,000 after purchasing an additional 3,247 shares during the last quarter. EULAV Asset Management grew its holdings in shares of Rivian Automotive by 15.9% during the third quarter. EULAV Asset Management now owns 510,000 shares of the electric vehicle automaker’s stock worth $12,383,000 after purchasing an additional 70,000 shares during the last quarter. Finally, Lido Advisors LLC bought a new stake in shares of Rivian Automotive during the third quarter worth about $258,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on RIVN. Cantor Fitzgerald lifted their target price on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 26th. The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday. Mizuho lowered their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Morgan Stanley reiterated an “overweight” rating and issued a $13.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, Wedbush raised their price objective on Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $13.92 on Tuesday. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The firm has a fifty day simple moving average of $10.78 and a two-hundred day simple moving average of $13.38. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06. The firm has a market capitalization of $13.85 billion, a PE ratio of -2.41 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Analysts forecast that Rivian Automotive, Inc. will post -4.93 EPS for the current fiscal 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.