HB Wealth Management LLC Cuts Stock Holdings in Rivian Automotive, Inc. $RIVN

Key Points

• HB Wealth Management LLC reduced its holdings in Rivian Automotive by 68.6%, selling 43,222 shares, leaving it with 19,790 shares valued at approximately $272,000.
• The company reported a quarterly loss of ($0.97) EPS, missing estimates by $0.32, despite a revenue increase of 12.5% year-over-year to $1.30 billion.
• Analysts have varied opinions on Rivian, with five holding a Buy rating, sixteen a Hold rating, and four a Sell rating, giving the stock a consensus price target of $13.90.

HB Wealth Management LLC decreased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 68.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 19,790 shares of the electric vehicle automaker's stock after selling 43,222 shares during the period. HB Wealth Management LLC's holdings in Rivian Automotive were worth $272,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in RIVN. Signaturefd LLC grew its position in shares of Rivian Automotive by 15.2% in the 2nd quarter. Signaturefd LLC now owns 15,885 shares of the electric vehicle automaker's stock worth $218,000 after buying an additional 2,091 shares during the last quarter. PFS Partners LLC grew its position in shares of Rivian Automotive by 50.5% in the 2nd quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker's stock worth $41,000 after buying an additional 1,000 shares during the last quarter. Ballentine Partners LLC grew its position in shares of Rivian Automotive by 73.5% in the 2nd quarter. Ballentine Partners LLC now owns 27,739 shares of the electric vehicle automaker's stock worth $381,000 after buying an additional 11,750 shares during the last quarter. Norden Group LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter worth approximately $144,000. Finally, GAMMA Investing LLC grew its position in shares of Rivian Automotive by 35.1% in the 2nd quarter. GAMMA Investing LLC now owns 10,095 shares of the electric vehicle automaker's stock worth $139,000 after buying an additional 2,623 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $13.50 on Tuesday. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $17.15. The company has a 50 day simple moving average of $13.48 and a two-hundred day simple moving average of $13.42. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of -4.18 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the firm posted ($1.46) earnings per share. The business's revenue was up 12.5% on a year-over-year basis. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares of the company's stock, valued at $18,426,870. The trade was a 1.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction 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 completion of the transaction, the chief financial officer owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,147 shares of company stock valued at $577,593. Company insiders own 2.16% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RIVN. Wedbush cut 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 report on Wednesday, August 6th. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. The Goldman Sachs Group lifted their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, September 29th. Guggenheim cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. Five research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $13.90.

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.

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