Wealth Enhancement Advisory Services LLC Sells 65,224 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Wealth Enhancement Advisory Services LLC lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 70.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,061 shares of the electric vehicle automaker's stock after selling 65,224 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Rivian Automotive were worth $337,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. PFS Partners LLC grew its stake in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after acquiring an additional 1,882 shares in the last quarter. Orion Capital Management LLC purchased a new position in Rivian Automotive during the 4th quarter valued at about $34,000. Quarry LP purchased a new position in Rivian Automotive during the 4th quarter valued at about $38,000. AllSquare Wealth Management LLC grew its stake in Rivian Automotive by 8,794.1% during the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock valued at $40,000 after acquiring an additional 2,990 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its stake in Rivian Automotive by 81.4% during the 1st quarter. AdvisorNet Financial Inc now owns 3,792 shares of the electric vehicle automaker's stock valued at $47,000 after acquiring an additional 1,702 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Analyst Upgrades and Downgrades

RIVN has been the topic of several research analyst reports. Wedbush lowered their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. The Goldman Sachs Group lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Guggenheim reiterated a "buy" rating and set a $16.00 price target on shares of Rivian Automotive in a report on Tuesday, May 6th. JPMorgan Chase & Co. reduced their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Finally, Needham & Company LLC reduced their price target on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $14.38.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 107,144 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the transaction, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,617,442.75. This represents a 6.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 241,407 shares of company stock valued at $3,553,883. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock traded up $0.07 on Wednesday, reaching $13.20. The stock had a trading volume of 16,188,844 shares, compared to its average volume of 33,418,914. The business's 50-day moving average price is $14.22 and its two-hundred day moving average price is $13.13. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86. The stock has a market cap of $14.93 billion, a P/E ratio of -3.55 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. Rivian Automotive's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company earned ($1.48) earnings per share. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.