Commonwealth Equity Services LLC Sells 9,078 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Commonwealth Equity Services LLC trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 238,474 shares of the electric vehicle automaker’s stock after selling 9,078 shares during the period. Commonwealth Equity Services LLC’s holdings in Rivian Automotive were worth $3,172,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tandem Financial LLC acquired a new position in Rivian Automotive during the 4th quarter worth $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the 3rd quarter valued at approximately $28,000. Bear Mountain Capital Inc. grew its holdings in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after buying an additional 1,932 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RIVN shares. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. TD Cowen assumed coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Finally, Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Three 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.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Trading Up 1.4 %

Shares of RIVN opened at $12.36 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $13.98 billion, a price-to-earnings ratio of -2.62 and a beta of 2.03. The stock has a fifty day moving average price of $12.36 and a two-hundred day moving average price of $12.14. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 in the company, valued at $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 SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive 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 sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over 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 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.