Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Virtu Financial LLC

Virtu Financial LLC decreased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 93.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,003 shares of the electric vehicle automaker’s stock after selling 349,930 shares during the quarter. Virtu Financial LLC’s holdings in Rivian Automotive were worth $306,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. raised its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. Raymond James Financial Inc. acquired a new stake in Rivian Automotive in the fourth quarter worth $9,432,000. Alberta Investment Management Corp bought a new stake in Rivian Automotive in the fourth quarter valued at $6,648,000. Great Lakes Advisors LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at $4,929,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Rivian Automotive during the fourth quarter worth about $4,036,000. Institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RIVN. Needham & Company LLC boosted their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Cowen initiated coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating for the company. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Guggenheim lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $14.38.

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 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 directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Stock Up 7.6 %

Shares of Rivian Automotive stock opened at $13.02 on Friday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86. The firm has a market capitalization of $14.72 billion, a PE ratio of -2.76 and a beta of 2.03. 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 stock’s fifty day moving average is $12.30 and its 200-day moving average is $12.15.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.