Choreo LLC Has $373,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Key Points

• Choreo LLC significantly reduced its stake in Rivian Automotive by 70.4%, now holding 29,927 shares valued at about $373,000 after selling 71,073 shares.
• Multiple analysts have adjusted their price targets for Rivian, with UBS and Mizuho raising their targets to $13.00, while Robert W. Baird has lowered theirs to $14.00.
• Rivian's latest earnings report showed a loss of ($0.57) EPS, beating estimates, with revenue reaching $1.24 billion, a year-over-year increase of 3.0%.

Choreo LLC cut its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 70.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,927 shares of the electric vehicle automaker's stock after selling 71,073 shares during the period. Choreo LLC's holdings in Rivian Automotive were worth $373,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of RIVN. Brighton Jones LLC lifted its position in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after purchasing an additional 3,864 shares during the period. American Century Companies Inc. lifted its position in Rivian Automotive by 5.7% during the fourth quarter. American Century Companies Inc. now owns 182,654 shares of the electric vehicle automaker's stock worth $2,429,000 after purchasing an additional 9,884 shares during the period. Korea Investment CORP lifted its position in Rivian Automotive by 306.2% during the fourth quarter. Korea Investment CORP now owns 538,798 shares of the electric vehicle automaker's stock worth $7,166,000 after purchasing an additional 406,146 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Rivian Automotive by 10.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock worth $10,764,000 after purchasing an additional 73,812 shares during the period. Finally, Blair William & Co. IL lifted its position in Rivian Automotive by 4.8% during the fourth quarter. Blair William & Co. IL now owns 40,237 shares of the electric vehicle automaker's stock worth $535,000 after purchasing an additional 1,843 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RIVN. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. UBS Group increased their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Wall Street Zen cut shares of Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Needham & Company LLC dropped their target price 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. Finally, Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Four research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average target price of $14.38.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the sale, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 205,694 shares of company stock valued at $3,144,612. Insiders own 2.16% of the company's stock.

Rivian Automotive Trading Down 3.8%

Rivian Automotive stock traded down $0.49 during mid-day trading on Friday, hitting $12.38. 42,490,771 shares of the stock were exchanged, compared to its average volume of 33,298,028. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $17.15. The firm's fifty day simple moving average is $13.69 and its two-hundred day simple moving average is $13.03. The stock has a market capitalization of $14.00 billion, a price-to-earnings ratio of -3.33 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same quarter last year, the business earned ($1.48) EPS. The company's revenue was up 3.0% compared to the same quarter last year. Analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.