Commonwealth Equity Services LLC Decreases Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Commonwealth Equity Services LLC lowered its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 238,474 shares of the electric vehicle automaker’s stock after selling 9,078 shares during the period. Commonwealth Equity Services LLC’s holdings in Rivian Automotive were worth $3,172,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. RFG Holdings Inc. grew its position in Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after acquiring an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after buying an additional 1,160 shares in the last quarter. Freestone Capital Holdings LLC boosted its position in Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after buying an additional 1,164 shares during the last quarter. Tradition Wealth Management LLC grew its stake in shares of Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after acquiring an additional 1,250 shares in the last quarter. Finally, World Investment Advisors LLC increased its position in shares of Rivian Automotive by 8.6% during the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after acquiring an additional 1,446 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’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 transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the 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 completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,998 shares of company stock valued at $1,744,184 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of a number of research analyst reports. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Robert W. Baird restated a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Mizuho reduced their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. TD Cowen started coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Finally, Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Trading Up 1.4 %

Shares of RIVN stock opened at $12.36 on Wednesday. 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 50-day simple moving average of $12.36 and a 200 day simple moving average of $12.14. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The stock has a market capitalization of $13.98 billion, a P/E ratio of -2.62 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations 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, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.