Spirepoint Private Client LLC Sells 98,000 Shares of Rivian Automotive, Inc. $RIVN

Key Points

• Spirepoint Private Client LLC sold 98,000 Rivian shares, cutting its stake by 11.8% to 729,940 shares (about $10.7M), making Rivian its 24th-largest holding and ~1.1% of the fund's portfolio.
• Rivian beat Q3 estimates: EPS was ($0.65) vs. ($0.71) expected and revenue was $1.56B vs. $1.27B expected, with revenue up 78.3% year-over-year.
• Insider selling continued—CEO Robert Scaringe sold 52,350 shares and CFO Claire Mcdonough sold 21,210 shares, with insiders selling 137,604 shares in the last 90 days (≈$2.39M) and now owning 2.16% of the stock.

Spirepoint Private Client LLC decreased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 11.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 729,940 shares of the electric vehicle automaker's stock after selling 98,000 shares during the period. Rivian Automotive comprises about 1.1% of Spirepoint Private Client LLC's investment portfolio, making the stock its 24th biggest position. Spirepoint Private Client LLC owned 0.06% of Rivian Automotive worth $10,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. U S Global Investors Inc. bought a new position in Rivian Automotive in the third quarter valued at $279,000. GAM Holding AG purchased a new position in shares of Rivian Automotive in the 3rd quarter worth about $304,000. SteelPeak Wealth LLC increased its position in shares of Rivian Automotive by 7.7% during the 3rd quarter. SteelPeak Wealth LLC now owns 14,494 shares of the electric vehicle automaker's stock valued at $213,000 after purchasing an additional 1,036 shares during the last quarter. Mather Group LLC. bought a new position in shares of Rivian Automotive during the 3rd quarter valued at about $30,000. Finally, Merit Financial Group LLC raised its holdings in shares of Rivian Automotive by 15.4% during the 3rd quarter. Merit Financial Group LLC now owns 22,409 shares of the electric vehicle automaker's stock valued at $329,000 after buying an additional 2,997 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $19.59 on Tuesday. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The firm has a market cap of $24.02 billion, a P/E ratio of -6.30 and a beta of 1.77. Rivian Automotive, Inc. has a 1-year low of $10.36 and a 1-year high of $22.69. The firm has a 50-day moving average of $17.20 and a 200-day moving average of $14.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating analysts' consensus estimates of ($0.71) by $0.06. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.Rivian Automotive's quarterly revenue was up 78.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.08) EPS. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the transaction, the chief executive officer directly owned 1,246,405 shares of the company's stock, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 21,210 shares of the firm's stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the sale, the chief financial officer owned 738,056 shares of the company's stock, valued at $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 137,604 shares of company stock worth $2,391,863. 2.16% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Zacks Research raised Rivian Automotive from a "strong sell" rating to a "hold" rating in a research note on Monday, November 10th. Morgan Stanley reaffirmed an "underweight" rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday, December 8th. Needham & Company LLC lifted their target price on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, December 12th. Tigress Financial upped their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, November 14th. Finally, Stifel Nicolaus lifted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a "buy" rating in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $15.73.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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