Atria Wealth Solutions Inc. Cuts Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Atria Wealth Solutions Inc. lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 63.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 83,042 shares of the electric vehicle automaker’s stock after selling 146,305 shares during the period. Atria Wealth Solutions Inc.’s holdings in Rivian Automotive were worth $1,948,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stifel Financial Corp grew its stake in Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after purchasing an additional 19,699 shares during the last quarter. CenterBook Partners LP purchased a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $4,473,000. Morgan Stanley raised its stake in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. Aigen Investment Management LP purchased a new stake in Rivian Automotive during the third quarter valued at approximately $1,806,000. Finally, Trust Point Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $246,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 3.8 %

Shares of NASDAQ:RIVN opened at $9.38 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $28.06. The business has a 50 day moving average of $10.69 and a two-hundred day moving average of $15.41.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RIVN. Evercore ISI reduced their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. Mizuho restated a “neutral” rating and set a $12.00 price target on shares of Rivian Automotive in a research note on Monday, March 25th. Barclays cut their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Finally, UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.61.

Insider Buying and Selling at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,306 shares of company stock valued at $717,274. Corporate insiders own 2.30% of the company’s stock.

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.