Cibc World Markets Corp Reduces Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Cibc World Markets Corp decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 21.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 33,955 shares of the electric vehicle automaker’s stock after selling 9,202 shares during the period. Cibc World Markets Corp’s holdings in Rivian Automotive were worth $452,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RIVN. Empowered Funds LLC lifted its stake in Rivian Automotive by 59.1% in the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after acquiring an additional 6,860 shares during the period. Quest Partners LLC lifted its position in Rivian Automotive by 109.0% during the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after buying an additional 7,273 shares during the period. Pathstone Holdings LLC lifted its position in Rivian Automotive by 8.4% during the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock valued at $1,327,000 after buying an additional 9,187 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Rivian Automotive during the third quarter valued at $665,000. Finally, Commerce Bank lifted its position in Rivian Automotive by 52.7% during the third quarter. Commerce Bank now owns 62,012 shares of the electric vehicle automaker’s stock valued at $696,000 after buying an additional 21,391 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 6.6 %

Rivian Automotive stock opened at $11.60 on Monday. The business has a 50-day simple moving average of $12.41 and a two-hundred day simple moving average of $12.16. The company has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

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

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value 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 approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,998 shares of company stock worth $1,744,184. 2.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Benchmark reissued a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 18th. Mizuho lowered their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Sanford C. Bernstein started coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Finally, TD Cowen started coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.