Hollencrest Capital Management Sells 6,140 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Hollencrest Capital Management lessened its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 73.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,209 shares of the electric vehicle automaker’s stock after selling 6,140 shares during the period. Hollencrest Capital Management’s holdings in Rivian Automotive were worth $30,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Assenagon Asset Management S.A. grew its holdings in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after buying an additional 604 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the period. Laidlaw Wealth Management LLC grew its stake in shares of Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares during the last quarter. GAMMA Investing LLC increased its position in Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after acquiring an additional 760 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Rivian Automotive by 18.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock valued at $122,000 after purchasing an additional 802 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 500,830 shares of company stock valued at $7,872,145. Insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Down 11.0 %

Shares of RIVN opened at $11.71 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market cap of $11.66 billion, a price-to-earnings ratio of -2.03 and a beta of 2.06. The stock has a fifty day moving average price of $14.48 and a two-hundred day moving average price of $12.33. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Analysts predict that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on RIVN. Canaccord Genuity Group raised their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Barclays lifted their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. DA Davidson upped their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Morgan Stanley lifted their price objective on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.09.

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.