Rivian Automotive, Inc. (NASDAQ:RIVN) Position Reduced by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 366,583 shares of the electric vehicle automaker’s stock after selling 25,440 shares during the period. Treasurer of the State of North Carolina’s holdings in Rivian Automotive were worth $4,876,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RIVN. RFG Holdings Inc. increased its holdings in Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after buying an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after acquiring an additional 1,160 shares during the last quarter. Freestone Capital Holdings LLC raised its position in shares of Rivian Automotive by 4.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after acquiring an additional 1,164 shares in the last quarter. Advisory Services Network LLC lifted its stake in Rivian Automotive by 8.3% during the fourth quarter. Advisory Services Network LLC now owns 17,158 shares of the electric vehicle automaker’s stock worth $228,000 after purchasing an additional 1,314 shares during the last quarter. Finally, World Investment Advisors LLC boosted its holdings in Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after purchasing an additional 1,446 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at $9,596,373.75. This represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,237,044 over the last ninety days. Insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Up 4.9 %

RIVN opened at $12.03 on Tuesday. 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 capitalization of $13.60 billion, a PE ratio of -2.55 and a beta of 1.89. The stock’s fifty day moving average is $11.97 and its 200-day moving average is $12.06. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share 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 net margin of 95.51% and a negative return on equity of 66.26%. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of research reports. UBS Group dropped their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Finally, Mizuho reduced their price objective on Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $14.25.

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.