GCM Grosvenor Holdings LLC Reduces Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

GCM Grosvenor Holdings LLC lowered its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 92.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 81,411 shares of the electric vehicle automaker's stock after selling 964,224 shares during the quarter. Rivian Automotive makes up about 0.2% of GCM Grosvenor Holdings LLC's investment portfolio, making the stock its 17th largest holding. GCM Grosvenor Holdings LLC's holdings in Rivian Automotive were worth $1,083,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after acquiring an additional 227,168 shares in the last quarter. Capital International Investors bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $144,030,000. Norges Bank purchased a new stake in Rivian Automotive in the fourth quarter worth $123,308,000. Northern Trust Corp grew its stake in Rivian Automotive by 68.5% in the fourth 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. Finally, Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after purchasing an additional 133,781 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. This trade represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,154,905 in the last quarter. 2.51% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent research reports. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday. Robert W. Baird cut their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Mizuho lifted their target price on shares of Rivian Automotive from $10.00 to $11.00 and gave the company a "neutral" rating in a report on Wednesday. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday. Finally, Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective for the company. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $13.99.

Rivian Automotive Price Performance

Shares of RIVN stock traded up $0.58 during mid-day trading on Friday, hitting $14.26. The company had a trading volume of 50,513,729 shares, compared to its average volume of 36,262,643. The company has a market capitalization of $16.12 billion, a P/E ratio of -3.02 and a beta of 1.86. The stock's 50 day moving average price is $11.98 and its 200-day moving average price is $12.36. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.