Schonfeld Strategic Advisors LLC Sells 18,397 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Schonfeld Strategic Advisors LLC cut its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 59.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,457 shares of the electric vehicle automaker's stock after selling 18,397 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Rivian Automotive were worth $166,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares in the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in Rivian Automotive in the 4th quarter valued at approximately $1,363,000. Groupama Asset Managment bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $26,600,000. SG Americas Securities LLC grew its holdings in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after purchasing an additional 54,053 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $10,448,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

NASDAQ:RIVN traded up $0.51 during mid-day trading on Friday, reaching $15.81. 31,875,749 shares of the company were exchanged, compared to its average volume of 36,034,066. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $17.88 billion, a PE ratio of -3.35 and a beta of 1.86. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $18.86. The company has a fifty day moving average of $12.29 and a 200 day moving average of $12.46.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction 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 completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01% decrease in their ownership of the stock. The transaction 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 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 transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,364 shares of company stock valued at $2,303,960. 2.16% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on RIVN. TD Cowen began coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a "hold" rating and a $12.70 target price for the company. Benchmark reaffirmed a "buy" rating and set a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. UBS Group upped their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Finally, Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $14.24.

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.