Ford Motor Co (F) said in a regulatory filing on Tuesday that it had sold 8 million shares of electric vehicle maker Rivian Automotive Inc for $214 million ($26.80 per share).
The US auto maker currently holds a 10.5% stake (about 94 million shares) and is Rivian Automotive’s fourth-largest shareholder.
T.Rowe Price Associates remains the biggest shareholder in the Irvine, California-based electric vehicle maker with a stake of 18.2%, while Amazon.com Inc is the second-largest shareholder with a stake of 17.7%.
Ford Motor Co’s selling price of $26.80 per share on May 9th was lower compared to Rivian’s closing price of $28.79 last Friday.
Earlier this year Rivian cut its planned 2022 production by some 50% to 25,000 vehicles due to the supply chain crisis.
Ford Motor Co’s shares closed lower for a fourth consecutive trading session in New York on Tuesday. The stock went down 0.15% ($0.02) to $13.35, after touching an intraday low at $13.02. The latter has been a price level not seen since September 22nd 2021 ($12.90).
Shares of Ford Motor Company have retreated 35.72% so far in 2022 compared with a 16.05% loss for the benchmark index, S&P 500 (SPX).
In 2021, Ford Motor Co’s stock went up 136.29%, thus, it outperformed the S&P 500, which registered a 26.89% gain.
Analyst stock price forecast and recommendation
According to TipRanks, at least 8 out of 18 surveyed investment analysts had rated Ford Motor Company’s stock as “Buy”, while other 8 – as “Hold”. The median price target on the stock stands at $20.53.
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