Alps Advisors Inc. Sells 72,641 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Alps Advisors Inc. reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 15.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 393,254 shares of the electric vehicle automaker's stock after selling 72,641 shares during the period. Alps Advisors Inc.'s holdings in Rivian Automotive were worth $4,896,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Capital International Investors purchased a new position in Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $123,308,000. Northern Trust Corp grew its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after buying an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP acquired a new position in Rivian Automotive in the fourth quarter worth $29,944,000. Finally, Groupama Asset Managment acquired a new position in Rivian Automotive in the fourth quarter worth $26,600,000. Institutional investors and hedge funds own 66.25% of the company's stock.

Insider Activity

In related news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. The trade was a 6.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 241,407 shares of company stock worth $3,553,883. Company insiders own 2.16% of the company's stock.

Rivian Automotive Stock Down 0.9%

Shares of Rivian Automotive stock traded down $0.12 on Tuesday, hitting $12.63. The company had a trading volume of 27,656,144 shares, compared to its average volume of 32,829,072. The stock has a market capitalization of $14.28 billion, a price-to-earnings ratio of -3.40 and a beta of 1.81. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.49. The stock has a 50 day moving average of $14.19 and a 200-day moving average of $13.10. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same period in the prior year, the company earned ($1.48) earnings per share. Rivian Automotive's revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RIVN shares. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Jefferies Financial Group restated a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. UBS Group boosted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Finally, Benchmark reaffirmed a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $14.38.

Rivian Automotive 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.