Rivian Automotive, Inc. $RIVN Stock Holdings Cut by Great Lakes Advisors LLC

Great Lakes Advisors LLC lessened its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 50.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 389,921 shares of the electric vehicle automaker’s stock after selling 391,019 shares during the period. Great Lakes Advisors LLC’s holdings in Rivian Automotive were worth $5,724,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of RIVN. Vanguard Group Inc. lifted its holdings in Rivian Automotive by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock valued at $1,086,507,000 after acquiring an additional 1,983,509 shares during the last quarter. Geode Capital Management LLC lifted its stake in Rivian Automotive by 4.9% during the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock valued at $200,200,000 after purchasing an additional 689,045 shares during the last quarter. Norges Bank bought a new stake in Rivian Automotive during the second quarter worth approximately $105,629,000. Charles Schwab Investment Management Inc. grew its position in Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after buying an additional 799,030 shares during the last quarter. Finally, Swiss National Bank increased its holdings in shares of Rivian Automotive by 11.1% in the second quarter. Swiss National Bank now owns 2,379,400 shares of the electric vehicle automaker’s stock valued at $32,693,000 after buying an additional 237,200 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

RIVN stock opened at $14.75 on Friday. The firm has a 50 day simple moving average of $18.06 and a 200 day simple moving average of $15.22. Rivian Automotive, Inc. has a 52 week low of $10.36 and a 52 week high of $22.69. The stock has a market cap of $18.08 billion, a P/E ratio of -4.74 and a beta of 1.77. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. Rivian Automotive’s revenue for the quarter was up 78.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.08) earnings per share. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 21,210 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the transaction, the chief financial officer owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 172,504 shares of company stock valued at $3,012,734 in the last quarter. Insiders own 2.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RIVN. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday, January 22nd. Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Friday, January 23rd. DA Davidson boosted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. UBS Group reissued a “sell” rating and issued a $15.00 target price (up from $13.00) on shares of Rivian Automotive in a research report on Wednesday, January 14th. Finally, Wedbush boosted their price target on shares of Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, December 19th. Eight equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.74.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.