Main Management ETF Advisors LLC Sells 4,288 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Main Management ETF Advisors LLC cut its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,704 shares of the electric vehicle automaker’s stock after selling 4,288 shares during the period. Main Management ETF Advisors LLC’s holdings in Rivian Automotive were worth $634,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Tandem Financial LLC bought a new stake in Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $27,000. Bear Mountain Capital Inc. raised its stake in shares of 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 in the last quarter. Quarry LP acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $38,000. Finally, AllSquare Wealth Management LLC raised its stake in shares of Rivian Automotive by 8,794.1% in the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker’s stock valued at $40,000 after buying an additional 2,990 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wedbush dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Truist Financial upped their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.16.

Rivian Automotive Stock Down 0.3%

Shares of NASDAQ:RIVN opened at $14.82 on Thursday. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $18.86. The company’s 50-day moving average price is $12.20 and its two-hundred day moving average price is $12.43. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.76 billion, a P/E ratio of -3.14 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data 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 firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, 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. In the last quarter, insiders have sold 185,427 shares of company stock valued at $2,154,905. 2.51% of the stock is currently owned by insiders.

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.