Alps Advisors Inc. cut 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 SEC. The fund owned 393,254 shares of the electric vehicle automaker's stock after selling 72,641 shares during the quarter. Alps Advisors Inc.'s holdings in Rivian Automotive were worth $4,896,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PFS Partners LLC raised its holdings in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares during the last quarter. Orion Capital Management LLC acquired a new position in Rivian Automotive during the fourth quarter worth $34,000. Quarry LP acquired a new position in Rivian Automotive during the fourth quarter worth $38,000. Olde Wealth Management LLC acquired a new position in Rivian Automotive during the first quarter worth $37,000. Finally, AllSquare Wealth Management LLC raised its holdings in shares of 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 acquiring an additional 2,990 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, CEO Robert J. Scaringe sold 71,428 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 241,407 shares of company stock valued at $3,553,883 in the last ninety days. Company insiders own 2.16% of the company's stock.
Rivian Automotive Trading Down 2.2%
RIVN stock traded down $0.29 during trading on Friday, reaching $13.03. 21,092,168 shares of the stock traded hands, compared to its average volume of 33,126,067. The business's 50 day moving average price is $14.19 and its 200-day moving average price is $13.12. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The firm has a market capitalization of $14.73 billion, a PE ratio of -3.50 and a beta of 1.81.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping 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 company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same quarter in the prior year, the business earned ($1.48) earnings per share. The company'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.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on RIVN. Wells Fargo & Company cut their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Needham & Company LLC cut their price target on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. UBS Group boosted their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Piper Sandler boosted their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a report on Wednesday, May 14th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.38.
View Our Latest Stock Report on Rivian Automotive
Rivian Automotive Profile
(
Free Report)
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.
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