Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Spirepoint Private Client LLC

Spirepoint Private Client LLC lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 10.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 827,863 shares of the electric vehicle automaker's stock after selling 100,009 shares during the quarter. Rivian Automotive accounts for 1.3% of Spirepoint Private Client LLC's portfolio, making the stock its 18th largest position. Spirepoint Private Client LLC owned about 0.07% of Rivian Automotive worth $10,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Capital International Investors bought a new stake in shares of Rivian Automotive in the fourth quarter worth $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $123,308,000. Northern Trust Corp lifted its stake in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the period. Twinbeech Capital LP bought a new stake in Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Finally, Groupama Asset Managment purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $26,600,000. Institutional investors own 66.25% of the company's stock.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, the chief financial officer now owns 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $9,775,506.06. This represents a 4.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 312,836 shares of company stock worth $4,357,459. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive Stock Up 1.2%

Shares of RIVN traded up $0.16 during mid-day trading on Tuesday, hitting $13.81. The company's stock had a trading volume of 17,632,245 shares, compared to its average volume of 32,418,459. The firm has a market capitalization of $15.62 billion, a price-to-earnings ratio of -3.71 and a beta of 1.86. The company's 50-day moving average is $13.92 and its 200-day moving average is $13.17. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.85. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird cut their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Wedbush reduced their price target on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Wall Street Zen raised shares of Rivian Automotive from a "sell" rating to a "hold" rating in a report on Sunday. Finally, UBS Group lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and a consensus price target of $14.33.

About Rivian Automotive

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.