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

Wealth Enhancement Advisory Services LLC cut its position 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 fund 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIVN. Dimension Capital Management LLC increased its holdings in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after purchasing an additional 819 shares during the last quarter. Tradition Wealth Management LLC grew its stake in Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after buying an additional 849 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in 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 acquiring an additional 867 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in Rivian Automotive by 1.4% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 91,300 shares of the electric vehicle automaker's stock valued at $1,246,000 after acquiring an additional 1,265 shares during the period. Finally, Advisory Services Network LLC lifted its position in Rivian Automotive by 8.3% during the fourth quarter. Advisory Services Network LLC now owns 17,158 shares of the electric vehicle automaker's stock worth $228,000 after acquiring an additional 1,314 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RIVN shares. 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. Robert W. Baird lowered their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. UBS Group lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their target price 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, Wall Street Zen raised Rivian Automotive from a "sell" rating to a "hold" rating in a report on Sunday, June 22nd. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has an average rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.29 during trading hours on Friday, reaching $13.03. The stock had a trading volume of 21,092,168 shares, compared to its average volume of 33,230,027. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $18.86. The stock has a market capitalization of $14.73 billion, a PE ratio of -3.50 and a beta of 1.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The company's 50-day moving average is $14.20 and its two-hundred day moving average is $13.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. During the same period last year, the firm posted ($1.48) earnings per share. The business's revenue for the quarter was up 3.0% on a year-over-year basis. Research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,407 shares of company stock worth $3,553,883 over the last three months. Insiders own 2.16% of the company's stock.

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.