CV Advisors LLC Sells 3,925 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

CV Advisors LLC trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 12.7% during the 4th quarter, Holdings Channel reports. The firm owned 26,956 shares of the electric vehicle automaker’s stock after selling 3,925 shares during the quarter. Rivian Automotive comprises approximately 0.1% of CV Advisors LLC’s portfolio, making the stock its 26th biggest holding. CV Advisors LLC’s holdings in Rivian Automotive were worth $359,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Mizuho Markets Americas LLC grew its position in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after acquiring an additional 124,950 shares during the last quarter. SG Americas Securities LLC grew its position in Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after acquiring an additional 54,053 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Rivian Automotive during the fourth quarter valued at approximately $1,382,000. Finally, Alberta Investment Management Corp bought a new position in Rivian Automotive during the fourth quarter valued at approximately $6,648,000. 66.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares of the company’s stock, valued at $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 203,928 shares of company stock worth $3,013,134 over the last three months. 2.51% of the stock is currently owned by corporate insiders.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $10.75 on Friday. 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 firm has a market capitalization of $12.16 billion, a P/E ratio of -2.28 and a beta of 2.03. The business has a fifty day simple moving average of $12.74 and a two-hundred day simple moving average of $12.26. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on RIVN. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their price target for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Cowen started coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Finally, Barclays increased their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $14.73.

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.