Choreo LLC Has $373,000 Stock Holdings 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 reduced its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 70.4% during the 1st quarter, according to its most recent 13F filing 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 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. PFS Partners LLC increased its holdings in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,882 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $34,000. Quarry LP bought a new position in shares of Rivian Automotive in the fourth quarter worth $38,000. Olde Wealth Management LLC bought a new stake in Rivian Automotive during the first quarter worth approximately $37,000. Finally, Golden State Wealth Management LLC raised its position in Rivian Automotive by 107.9% in the first quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker's stock worth $41,000 after acquiring an additional 1,714 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on RIVN. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Piper Sandler raised their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Wall Street Zen cut Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $14.38.

Rivian Automotive Trading Down 0.2%

Rivian Automotive stock traded down $0.03 during mid-day trading on Wednesday, hitting $13.03. 37,490,290 shares of the company's stock were exchanged, compared to its average volume of 32,711,540. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $14.73 billion, a P/E ratio of -3.50 and a beta of 1.81. The company's 50 day simple moving average is $13.88 and its 200-day simple moving average is $13.04.

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 company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same quarter last year, the company earned ($1.48) EPS. Rivian Automotive's revenue for the quarter was up 3.0% compared to the same quarter last year. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

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

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.