Prysm Capital L.P. Has $18.10 Million Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Prysm Capital L.P. cut its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 77.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 771,551 shares of the electric vehicle automaker's stock after selling 2,699,182 shares during the quarter. Rivian Automotive makes up 100.0% of Prysm Capital L.P.'s portfolio, making the stock its largest position. Prysm Capital L.P. owned 0.08% of Rivian Automotive worth $18,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Federated Hermes Inc. increased its position in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker's stock worth $201,000 after purchasing an additional 651 shares during the period. Moneta Group Investment Advisors LLC increased its position in Rivian Automotive by 5.3% in the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker's stock worth $324,000 after purchasing an additional 668 shares during the period. Jamison Private Wealth Management Inc. boosted its holdings in Rivian Automotive by 10.8% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker's stock worth $175,000 after buying an additional 727 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in Rivian Automotive by 13.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker's stock worth $156,000 after buying an additional 775 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker's stock worth $40,000 after buying an additional 784 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

Shares of RIVN stock traded down $0.08 during trading on Tuesday, reaching $10.25. 96,881,010 shares of the company's stock were exchanged, compared to its average volume of 42,481,855. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $10.02 billion, a PE ratio of -1.78 and a beta of 1.91. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $28.06. The firm's fifty day moving average price is $10.39 and its 200-day moving average price is $15.08.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.77 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the business's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Kjell Gruner sold 19,935 shares of the business's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the business's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares of the company's stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last ninety days. 2.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, April 2nd. The Goldman Sachs Group cut their price objective on Rivian Automotive from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Thursday, January 25th. Cantor Fitzgerald reiterated an "overweight" rating and set a $23.00 price objective on shares of Rivian Automotive in a report on Wednesday, April 3rd. Wells Fargo & Company cut their price objective on Rivian Automotive from $18.00 to $14.00 and set an "equal weight" rating on the stock in a report on Thursday, February 22nd. Finally, Bank of America cut their price objective on Rivian Automotive from $40.00 to $25.00 and set a "buy" rating on the stock in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Moderate Buy" and an average target price of $19.57.

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.