Spirepoint Private Client LLC Sells 98,000 Shares of Rivian Automotive, Inc. $RIVN

Spirepoint Private Client LLC lowered its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 729,940 shares of the electric vehicle automaker’s stock after selling 98,000 shares during the quarter. Rivian Automotive comprises approximately 1.1% of Spirepoint Private Client LLC’s portfolio, making the stock its 24th biggest position. Spirepoint Private Client LLC’s holdings in Rivian Automotive were worth $10,716,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after purchasing an additional 799,030 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Rivian Automotive in the 2nd quarter worth approximately $1,324,000. Farther Finance Advisors LLC increased its position in Rivian Automotive by 227.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock valued at $1,719,000 after buying an additional 81,291 shares in the last quarter. Tableaux LLC bought a new position in Rivian Automotive during the 2nd quarter valued at approximately $3,435,000. Finally, Intech Investment Management LLC boosted its holdings in Rivian Automotive by 522.0% in the first quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock worth $4,370,000 after acquiring an additional 294,539 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $21.43, for a total transaction of $373,953.50. Following the transaction, the chief executive officer owned 1,150,109 shares in the company, valued at $24,646,835.87. This trade represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares in the company, valued at approximately $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 137,604 shares of company stock valued at $2,391,863. Insiders own 2.16% of the company’s stock.

Analyst Upgrades and Downgrades

RIVN has been the subject of several recent analyst reports. Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Needham & Company LLC increased their price target on shares of Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday, December 12th. Cfra Research raised Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Mizuho reissued an “underperform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Finally, DA Davidson upped their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Up 0.9%

RIVN stock opened at $19.59 on Tuesday. The company has a market cap of $24.02 billion, a price-to-earnings ratio of -6.30 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. The business’s 50-day moving average is $17.20 and its two-hundred day moving average is $14.73. Rivian Automotive, Inc. has a fifty-two week low of $10.36 and a fifty-two week high of $22.69.

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

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.