B. Riley Wealth Advisors Inc. Sells 45,990 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

B. Riley Wealth Advisors Inc. lessened its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 51.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,774 shares of the electric vehicle automaker's stock after selling 45,990 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Rivian Automotive were worth $582,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive in the 4th quarter worth about $27,000. Orion Capital Management LLC bought a new stake in Rivian Automotive in the 4th quarter worth about $34,000. Bear Mountain Capital Inc. grew its position in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after purchasing an additional 1,932 shares in the last quarter. Finally, Quarry LP bought a new stake in Rivian Automotive in the 4th quarter worth about $38,000. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Down 3.7%

NASDAQ:RIVN traded down $0.56 during mid-day trading on Friday, hitting $14.45. The company had a trading volume of 40,055,298 shares, compared to its average volume of 36,299,420. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86. The business's fifty day moving average is $13.27 and its two-hundred day moving average is $12.87. 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 $16.34 billion, a P/E ratio of -3.06 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.48) earnings per share. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 17,185 shares of the company's 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 transaction, the chief financial officer now directly owns 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the sale, the chief executive officer now directly owns 1,483,111 shares of the company's stock, valued at $22,617,442.75. This represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 384,265 shares of company stock valued at $5,201,750 over the last three months. Insiders own 2.16% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RIVN shares. Guggenheim reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research report on Tuesday, May 6th. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. The Goldman Sachs Group reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Stifel Nicolaus upped their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, Wedbush reduced their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $14.33.

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.