Entropy Technologies LP Sells 69,595 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Key Points

• Entropy Technologies LP reduced its stake in Rivian Automotive by 70.3%, selling 69,595 shares and owning 29,400 shares valued at $366,000 at the end of the quarter.
• Several hedge funds increased their investments in Rivian Automotive, with 66.25% of the stock currently owned by institutional investors.
• Analysts have given Rivian Automotive a mixed outlook, with four analysts rating it as a sell, while the average price target is at $13.69, reflecting uncertainty about its future performance.

Entropy Technologies LP cut its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 70.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,400 shares of the electric vehicle automaker's stock after selling 69,595 shares during the period. Entropy Technologies LP's holdings in Rivian Automotive were worth $366,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Larson Financial Group LLC boosted its stake in Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after acquiring an additional 722 shares during the last quarter. Brown Advisory Inc. boosted its position in shares of Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock worth $405,000 after purchasing an additional 772 shares in the last quarter. First National Trust Co boosted its position in shares of Rivian Automotive by 5.3% during the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock worth $199,000 after purchasing an additional 800 shares in the last quarter. Dimension Capital Management LLC boosted its position in shares of Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares in the last quarter. Finally, Tradition Wealth Management LLC boosted its position in shares of Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after purchasing an additional 849 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RIVN. Wall Street Zen cut shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Wedbush lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Finally, Piper Sandler boosted their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Four analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $13.69.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive 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 sale, the chief executive officer owned 1,483,111 shares in the company, valued at $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive Price Performance

Rivian Automotive stock traded down $0.22 during mid-day trading on Thursday, hitting $12.06. 37,935,075 shares of the company traded hands, compared to its average volume of 41,724,248. The stock has a market cap of $13.64 billion, a price-to-earnings ratio of -3.73 and a beta of 1.80. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15. The stock has a fifty day moving average price of $13.21 and a 200-day moving average price 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 announced its quarterly 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 firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%. The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.46) EPS. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.