Corient Private Wealth LLC Sells 10,976 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Corient Private Wealth LLC decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 20.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,098 shares of the electric vehicle automaker’s stock after selling 10,976 shares during the period. Corient Private Wealth LLC’s holdings in Rivian Automotive were worth $560,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Natixis Advisors LLC bought a new position in shares of Rivian Automotive during the fourth quarter worth $263,000. Achmea Investment Management B.V. boosted its holdings in shares of Rivian Automotive by 852.8% during the 4th quarter. Achmea Investment Management B.V. now owns 216,201 shares of the electric vehicle automaker’s stock valued at $2,876,000 after purchasing an additional 193,511 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Rivian Automotive by 16.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 59,024 shares of the electric vehicle automaker’s stock valued at $785,000 after purchasing an additional 8,187 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Rivian Automotive by 104.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 23,205 shares of the electric vehicle automaker’s stock worth $309,000 after purchasing an additional 11,831 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $4,929,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,588,475 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Trading Down 4.7 %

RIVN stock opened at $12.41 on Friday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The firm’s 50-day moving average is $12.26 and its 200 day moving average is $12.14. The company has a market capitalization of $14.03 billion, a PE ratio of -2.63 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RIVN. Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price target for the company from $19.00 to $13.00 in a report on Thursday, March 20th. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price for the company. Cowen initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Guggenheim dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Finally, Robert W. Baird restated a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Company 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.