Commerce Bank Trims Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Commerce Bank lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 35.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,878 shares of the electric vehicle automaker's stock after selling 22,134 shares during the quarter. Commerce Bank's holdings in Rivian Automotive were worth $530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Tandem Financial LLC bought a new position in Rivian Automotive during the fourth quarter valued at about $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive in the 3rd quarter worth approximately $28,000. Bear Mountain Capital Inc. lifted its stake in Rivian Automotive by 208.0% in the fourth 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 last quarter. Finally, AllSquare Wealth Management LLC increased its position in Rivian Automotive by 8,794.1% in the fourth quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock worth $40,000 after buying an additional 2,990 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 1.9 %

NASDAQ RIVN traded up $0.24 during trading on Monday, hitting $12.86. 12,028,221 shares of the company's stock traded hands, compared to its average volume of 36,431,501. The stock has a fifty day moving average of $11.71 and a two-hundred day moving average of $12.13. Rivian Automotive, Inc. has a 12-month low of $8.84 and a 12-month high of $18.86. The firm has a market cap of $14.54 billion, a P/E ratio of -2.71 and a beta of 1.89. 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 issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $9,596,373.75. This represents a 7.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 completion of 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock worth $2,154,905. Insiders own 2.51% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RIVN shares. JPMorgan Chase & Co. cut their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Friday. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price for the company. Piper Sandler lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Benchmark reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Finally, Truist Financial boosted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $14.08.

About Rivian Automotive

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.