Hollencrest Capital Management Sells 6,140 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Hollencrest Capital Management reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 73.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,209 shares of the electric vehicle automaker’s stock after selling 6,140 shares during the period. Hollencrest Capital Management’s holdings in Rivian Automotive were worth $30,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the period. Vanguard Group Inc. grew its holdings in Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the period. Baillie Gifford & Co. increased its stake in Rivian Automotive by 30.5% in the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after purchasing an additional 7,714,788 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Finally, Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter worth $129,427,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on RIVN. Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. UBS Group decreased their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Mizuho raised their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Canaccord Genuity Group boosted their price objective on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Finally, The Goldman Sachs Group increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.09.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 8th. The stock was sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,830 shares of company stock valued at $7,872,145. 2.30% of the stock is currently owned by corporate insiders.

Rivian Automotive Stock Performance

RIVN opened at $11.71 on Friday. The business’s 50-day simple moving average is $14.48 and its 200 day simple moving average is $12.33. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.87. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm has a market capitalization of $11.66 billion, a PE ratio of -2.03 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

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.