Rivian Automotive, Inc. $RIVN Position Lessened by Alps Advisors Inc.

Key Points

• Alps Advisors cut its Rivian stake by 20.1% in the third quarter, selling 86,863 shares and retaining 346,159 shares valued at about $5.17 million.
• Other institutional investors made mixed moves, while institutions overall held 66.25% of Rivian’s shares.
• Rivian beat quarterly estimates, reporting a $0.48-per-share loss and $2.15 billion in revenue, up 38.3% year over year. Analysts’ consensus rating was Hold, with an average price target of $19.50.

Alps Advisors Inc. decreased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 20.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 346,159 shares of the electric vehicle automaker's stock after selling 86,863 shares during the quarter. Alps Advisors Inc.'s holdings in Rivian Automotive were worth $5,172,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of RIVN. Bank of New York Mellon Corp acquired a new stake in Rivian Automotive in the second quarter worth $49,915,000. Hsbc Holdings PLC increased its stake in Rivian Automotive by 55.8% in the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker's stock valued at $46,625,000 after purchasing an additional 1,109,171 shares in the last quarter. Andra AP fonden bought a new stake in Rivian Automotive in the second quarter valued at $6,923,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Rivian Automotive by 22.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,970,637 shares of the electric vehicle automaker's stock valued at $29,441,000 after purchasing an additional 356,540 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of Rivian Automotive by 126.4% during the first quarter. Quantinno Capital Management LP now owns 471,963 shares of the electric vehicle automaker's stock valued at $7,103,000 after purchasing an additional 263,478 shares during the period. Institutional investors own 66.25% of the company's stock.

More Rivian Automotive News

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Sales of Rivian’s lower-priced model are reportedly ahead of expectations, a potentially important sign that the company can broaden demand beyond its premium vehicles. Did I Call the Bottom With Rivian Stock?
• Positive Sentiment: Investors are also weighing whether improving expected cash flow could support Rivian’s valuation. The article notes recent bank upgrades, although it frames the valuation question as unresolved. Is Rivian Automotive (RIVN) A Bargain As Cash Flow Improves?
• Positive Sentiment: The R2 has received recognition from Top Gear and MotorTrend, which may help build awareness ahead of Rivian’s planned European entry. Awards are supportive publicity, but do not by themselves guarantee sales. Rivian’s R2 Is Winning More Than Trophies and Fans
• Neutral Sentiment: A Trefis article highlights the question of who is financing Rivian’s cash burn, keeping funding needs in focus without the supplied summary providing further details. Who Is Paying For Rivian’s Cash Burn?
• Negative Sentiment: DA Davidson cut its price target from $17 to $15 and maintained a neutral rating. The revised target still implies upside from the cited share price, but the reduction signals a more cautious view. Tickerreport.com coverage of DA Davidson’s rating

Insider Transactions at Rivian Automotive

In other news, insider Michael John Callahan sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the completion of the sale, the insider directly owned 1,001,776 shares of the company's stock, valued at $15,026,640. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the completion of the sale, the chief financial officer directly owned 827,201 shares of the company's stock, valued at approximately $11,994,414.50. This trade represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 51,167 shares of company stock valued at $788,306 in the last quarter. Company insiders own 1.48% of the company's stock.

Analyst Ratings Changes

RIVN has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut shares of Rivian Automotive from a "buy" rating to an "underperform" rating in a research report on Tuesday, August 4th. Cantor Fitzgerald decreased their target price on Rivian Automotive from $19.00 to $16.00 and set a "neutral" rating for the company in a research report on Friday, October 30th. Piper Sandler raised Rivian Automotive from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $18.00 to $20.00 in a research note on Monday, July 27th. Wells Fargo & Company increased their price target on Rivian Automotive from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Finally, Jefferies Financial Group upgraded Rivian Automotive from a "hold" rating to a "buy" rating and set a $17.00 price target on the stock in a report on Friday, October 30th. Fifteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average target price of $19.50.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $13.61 on Monday. The stock has a market capitalization of $19.87 billion, a P/E ratio of -6.05 and a beta of 1.64. The company has a 50-day moving average price of $14.21 and a 200-day moving average price of $15.40. Rivian Automotive, Inc. has a 1 year low of $11.38 and a 1 year high of $22.69. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.18 and a quick ratio of 1.70.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share for the quarter, topping analysts' consensus estimates of ($0.64) by $0.16. Rivian Automotive had a negative net margin of 45.88% and a negative return on equity of 69.68%. The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2 billion. During the same quarter in the prior year, the business posted ($1.08) EPS. The firm's revenue was up 38.3% compared to the same quarter last year. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -2.72 EPS for the current fiscal year.

Rivian Automotive Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer lineup includes the R1T electric pickup truck and R1S electric sport utility vehicle, while its commercial offerings include electric delivery vans and fleet services.

Founded in 2009 by RJ Scaringe, the company began delivering its R1T and R1S vehicles in 2021. Rivian also develops vehicle software, charging solutions and services intended to support its consumer and commercial customers.

Rivian primarily serves customers in the United States and Canada.

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