Farther Finance Advisors LLC Reduces Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Farther Finance Advisors LLC decreased its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 62.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,831 shares of the electric vehicle automaker’s stock after selling 9,757 shares during the period. Farther Finance Advisors LLC’s holdings in Rivian Automotive were worth $78,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. boosted its position in shares of Rivian Automotive by 59.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker’s stock worth $286,000 after purchasing an additional 9,441 shares during the period. Empowered Funds LLC lifted its holdings in Rivian Automotive by 59.1% during the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after buying an additional 6,860 shares in the last quarter. Quest Partners LLC lifted its holdings in Rivian Automotive by 109.0% during the 3rd quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock worth $156,000 after buying an additional 7,273 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in Rivian Automotive by 8.4% during the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock worth $1,327,000 after buying an additional 9,187 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Rivian Automotive during the 3rd quarter worth approximately $665,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company’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 value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock worth $2,735,619. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Stock Up 6.6 %

NASDAQ:RIVN opened at $11.60 on Friday. The firm has a market capitalization of $13.12 billion, a price-to-earnings ratio of -2.46 and a beta of 2.03. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business’s fifty day moving average price is $12.41 and its 200 day moving average price is $12.17.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. TD Cowen initiated coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price on the stock. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Cowen initiated coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $19.00 to $13.00 in a report on Thursday. Finally, Mizuho reduced their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $14.38.

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.