AQR Capital Management LLC Sells 1,196,120 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

AQR Capital Management LLC trimmed its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 75.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 380,794 shares of the electric vehicle automaker's stock after selling 1,196,120 shares during the period. AQR Capital Management LLC's holdings in Rivian Automotive were worth $5,065,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of RIVN. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive in the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at $28,000. Bear Mountain Capital Inc. increased its position in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after purchasing an additional 1,932 shares during the period. Finally, Quarry LP purchased a new stake in shares of Rivian Automotive in the 4th quarter worth about $38,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction on Monday, April 21st. The stock was 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 $9,775,506.06. This trade represents a 4.02 % decrease in their ownership of the stock. The sale 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 company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now 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. In the last ninety days, insiders sold 185,427 shares of company stock worth $2,154,905. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Stock Performance

Shares of RIVN stock traded up $0.58 during trading hours on Friday, reaching $14.26. 50,513,729 shares of the company traded hands, compared to its average volume of 36,262,643. The firm has a 50-day moving average price of $11.98 and a 200 day moving average price of $12.35. The company has a market cap of $16.12 billion, a P/E ratio of -3.02 and a beta of 1.86. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Wall Street Analyst Weigh In

RIVN has been the subject of several research analyst reports. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Mizuho upped their price target on Rivian Automotive from $10.00 to $11.00 and gave the stock a "neutral" rating in a research note on Wednesday. Needham & Company LLC dropped their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday. Robert W. Baird decreased their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Cowen began coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average price target of $13.99.

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.