Westwood Holdings Group Inc. Reduces Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Westwood Holdings Group Inc. reduced its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 49.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,892 shares of the electric vehicle automaker’s stock after selling 135,909 shares during the period. Westwood Holdings Group Inc.’s holdings in Rivian Automotive were worth $1,851,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Securities Inc. acquired a new position in Rivian Automotive during the 4th quarter worth $33,000. Fairman Group LLC acquired a new position in Rivian Automotive during the 4th quarter worth $36,000. Quent Capital LLC grew its holdings in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in Rivian Automotive during the 4th quarter worth $51,000. Finally, FinTrust Capital Advisors LLC grew its holdings in Rivian Automotive by 552.5% during the 4th quarter. FinTrust Capital Advisors LLC now owns 2,610 shares of the electric vehicle automaker’s stock worth $61,000 after acquiring an additional 2,210 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. DA Davidson upped their target price 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 raised their price target on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Barclays upped their price objective on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $18.09.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $11.71 on Monday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.87. The company has a 50 day moving average price of $14.48 and a two-hundred day moving average price of $12.35. The stock has a market capitalization of $11.66 billion, a PE ratio of -2.03 and a beta of 2.06. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

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

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,830 shares of company stock valued at $7,872,145. Insiders own 2.30% of the company’s stock.

Rivian Automotive 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.