Boothbay Fund Management LLC Sells 3,898,270 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Boothbay Fund Management LLC lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 99.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,430 shares of the electric vehicle automaker's stock after selling 3,898,270 shares during the period. Boothbay Fund Management LLC's holdings in Rivian Automotive were worth $152,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Capital International Investors purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $144,030,000. Norges Bank bought a new stake in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Groupama Asset Managment purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $26,600,000. Quinn Opportunity Partners LLC boosted its holdings in Rivian Automotive by 4,042.1% in the 4th quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker's stock valued at $16,527,000 after purchasing an additional 1,212,641 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Rivian Automotive during the 4th quarter valued at $11,434,000. 66.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RIVN. Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Wells Fargo & Company lifted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, February 21st. The Goldman Sachs Group decreased their price objective 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. Cowen began coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating for the company. Finally, Mizuho decreased their price target on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.08.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the business'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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,775,506.06. The trade was a 4.02 % 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 in the last 90 days. Insiders own 2.51% of the company's stock.

Rivian Automotive Trading Down 0.8 %

Shares of NASDAQ RIVN traded down $0.11 during mid-day trading on Tuesday, hitting $13.45. The stock had a trading volume of 24,063,943 shares, compared to its average volume of 36,339,711. The business has a 50 day moving average price of $11.83 and a two-hundred day moving average price of $12.27. Rivian Automotive, Inc. has a 1 year low of $9.25 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market cap of $15.20 billion, a P/E ratio of -2.85 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 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.