Rivian Automotive, Inc. $RIVN Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in Rivian Automotive by 9% during the first quarter, holding 645,251 shares valued at approximately $8 million.
• Rivian reported a quarterly loss of ($0.97) EPS, missing analysts' expectations, but had a revenue of $1.30 billion, slightly exceeding estimates.
• Institutional investors collectively own 66.25% of Rivian's stock, with various firms making significant changes to their positions in the company in recent months.

Raymond James Financial Inc. reduced its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 645,251 shares of the electric vehicle automaker's stock after selling 63,919 shares during the quarter. Raymond James Financial Inc. owned about 0.06% of Rivian Automotive worth $8,033,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in shares of Rivian Automotive by 7.4% in the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock worth $131,000 after acquiring an additional 722 shares during the last quarter. Brown Advisory Inc. grew its position in Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after acquiring an additional 772 shares in the last quarter. First National Trust Co grew its position in Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after acquiring an additional 800 shares in the last quarter. Dimension Capital Management LLC boosted its stake in shares of Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after buying an additional 819 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Rivian Automotive by 1.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after buying an additional 867 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.16% of the stock is currently owned by corporate insiders.

Rivian Automotive Price Performance

NASDAQ:RIVN traded up $0.30 during trading hours on Tuesday, reaching $13.87. 51,195,564 shares of the stock were exchanged, compared to its average volume of 41,933,624. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The firm has a 50 day simple moving average of $12.98 and a 200-day simple moving average of $12.96. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15.

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

Analyst Ratings Changes

Several research firms have commented on RIVN. UBS Group cut their price target on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley dropped their target price on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Needham & Company LLC reissued a "buy" rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. Finally, Mizuho boosted their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Five analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $13.69.

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.