Rivian Automotive, Inc. (NASDAQ:RIVN) Stock Position Lowered by Wedbush Securities Inc.

Wedbush Securities Inc. lessened its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,749 shares of the electric vehicle automaker’s stock after selling 2,079 shares during the period. Wedbush Securities Inc.’s holdings in Rivian Automotive were worth $369,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Tandem Financial LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive during the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the third quarter valued at $28,000. Bear Mountain Capital Inc. grew its holdings in shares of Rivian Automotive by 208.0% during the fourth 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. Finally, AllSquare Wealth Management LLC grew its holdings in shares of Rivian Automotive by 8,794.1% during the fourth 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. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 9.0 %

Rivian Automotive stock opened at $11.77 on Thursday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The stock has a market capitalization of $13.31 billion, a P/E ratio of -2.49 and a beta of 1.89. The stock has a 50-day simple moving average of $12.04 and a 200 day simple moving average of $12.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were 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 of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,427 shares of company stock worth $2,237,044. Corporate insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on RIVN. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Wells Fargo & Company boosted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive 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.