Credit Agricole S A Lowers Position in Rivian Automotive, Inc. $RIVN

Key Points

• Credit Agricole S A has reduced its stake in Rivian Automotive by 36.7%, now holding 80,901 shares valued at approximately $1.01 million.
• Rivian's recent earnings report posted an EPS of ($0.97), missing estimates and showing a negative net margin of 68.06%, despite a year-over-year revenue increase of 12.5%.
• In recent analyst reports, price targets for Rivian's stock have been adjusted downwards by several firms, with the average consensus price target currently at $13.69.

Credit Agricole S A reduced its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 36.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,901 shares of the electric vehicle automaker's stock after selling 46,861 shares during the period. Credit Agricole S A's holdings in Rivian Automotive were worth $1,007,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new stake in Rivian Automotive in the 1st quarter worth approximately $406,000. Northern Trust Corp boosted its position in shares of Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock valued at $100,195,000 after acquiring an additional 809,064 shares during the last quarter. Versor Investments LP grew its holdings in shares of Rivian Automotive by 25.0% in the first quarter. Versor Investments LP now owns 28,000 shares of the electric vehicle automaker's stock valued at $349,000 after purchasing an additional 5,600 shares in the last quarter. Ethos Financial Group LLC bought a new stake in Rivian Automotive in the first quarter worth $311,000. Finally, S Bank Fund Management Ltd purchased a new stake in Rivian Automotive during the first quarter valued at $1,123,000. 66.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.16% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company dropped their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Piper Sandler boosted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Finally, Canaccord Genuity Group dropped their target price on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $13.69.

Rivian Automotive Trading Down 0.3%

RIVN stock traded down $0.05 during midday trading on Thursday, reaching $13.18. The company's stock had a trading volume of 10,208,624 shares, compared to its average volume of 33,709,770. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $17.15. The firm has a market capitalization of $15.99 billion, a price-to-earnings ratio of -4.08 and a beta of 1.80. The stock has a fifty day simple moving average of $12.98 and a two-hundred day simple moving average of $12.95. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.46) earnings per share. On average, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Rivian Automotive Company 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.