AXQ Capital LP Sells 6,280 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

AXQ Capital LP lessened its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 36.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 10,726 shares of the electric vehicle automaker’s stock after selling 6,280 shares during the quarter. AXQ Capital LP’s holdings in Rivian Automotive were worth $143,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after acquiring an additional 133,781 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Rivian Automotive by 42.7% in 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 purchasing an additional 54,053 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Rivian Automotive in the fourth quarter valued at $1,382,000. Alberta Investment Management Corp bought a new position in shares of Rivian Automotive in the fourth quarter valued at about $6,648,000. Finally, Illinois Municipal Retirement Fund lifted its stake in shares of Rivian Automotive by 36.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock worth $1,974,000 after buying an additional 39,751 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,998 shares of company stock worth $1,744,184. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Trading Up 5.1 %

Shares of RIVN stock opened at $12.19 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The company has a market cap of $13.78 billion, a PE ratio of -2.58 and a beta of 2.03. The stock’s fifty day moving average price is $12.38 and its two-hundred day moving average price is $12.15.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data 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. The business had revenue of $1.73 billion for 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%. Equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RIVN. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Robert W. Baird restated a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Benchmark reiterated a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 18th. Finally, Barclays lifted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $14.38.

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.