Summit Trail Advisors LLC Trims Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Summit Trail Advisors LLC lessened its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,562 shares of the electric vehicle automaker’s stock after selling 1,124 shares during the period. Summit Trail Advisors LLC’s holdings in Rivian Automotive were worth $140,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in 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 valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after acquiring an additional 51,464 shares during the period. Mizuho Markets Americas LLC grew its holdings in shares of Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after acquiring an additional 124,950 shares during the period. Vontobel Holding Ltd. grew its holdings in shares of Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after acquiring an additional 120,544 shares during the period. Finally, SG Americas Securities LLC grew its holdings in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after acquiring an additional 54,053 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. reduced their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $15.13.

Rivian Automotive Stock Performance

RIVN stock opened at $13.30 on Friday. The stock has a market capitalization of $13.57 billion, a PE ratio of -2.38 and a beta of 2.04. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.85. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock’s 50 day simple moving average is $13.55 and its 200 day simple moving average is $12.60.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is owned by corporate insiders.

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.