Sanders Morris Harris LLC Decreases Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Sanders Morris Harris LLC trimmed its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 92.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,282 shares of the electric vehicle automaker’s stock after selling 115,718 shares during the period. Sanders Morris Harris LLC’s holdings in Rivian Automotive were worth $102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Federated Hermes Inc. grew its position in Rivian Automotive by 8.2% in the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after acquiring an additional 651 shares during the last quarter. Moneta Group Investment Advisors LLC grew its position in Rivian Automotive by 5.3% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock valued at $324,000 after acquiring an additional 668 shares during the last quarter. Laidlaw Wealth Management LLC grew its position in Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after acquiring an additional 718 shares during the last quarter. Jamison Private Wealth Management Inc. grew its position in Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock valued at $175,000 after acquiring an additional 727 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after acquiring an additional 784 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.01 during trading hours on Friday, hitting $10.32. 33,064,028 shares of the stock were exchanged, compared to its average volume of 24,826,738. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The stock’s 50-day moving average price is $10.24 and its two-hundred day moving average price is $13.68. The company has a market cap of $10.27 billion, a price-to-earnings ratio of -1.79 and a beta of 2.01. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Research analysts expect that Rivian Automotive, Inc. will post -4.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent research reports. Jefferies Financial Group initiated coverage on Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 price target on the stock. Mizuho cut their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Truist Financial reissued a “hold” rating and issued a $10.00 price target (down previously from $11.00) on shares of Rivian Automotive in a report on Thursday, May 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Monday, June 17th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive has an average rating of “Moderate Buy” and an average price target of $19.00.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

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.