Olympiad Research LP Cuts Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Olympiad Research LP reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 61.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 14,409 shares of the electric vehicle automaker’s stock after selling 23,148 shares during the period. Olympiad Research LP’s holdings in Rivian Automotive were worth $192,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after buying an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Rivian Automotive by 79.2% in the third 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 in the last quarter. abrdn plc grew its position in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Finally, Swiss National Bank grew its position in shares of Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock valued at $24,665,000 after purchasing an additional 45,200 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 283,454 shares of company stock worth $4,086,923. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Down 4.7 %

Shares of NASDAQ RIVN opened at $12.97 on Monday. The stock has a market cap of $13.24 billion, a P/E ratio of -2.75 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.85. The business’s fifty day simple moving average is $13.56 and its 200-day simple moving average is $12.50.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of analyst reports. Guggenheim dropped their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Stifel Nicolaus dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Needham & Company LLC upped their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday. Finally, Barclays increased their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $15.09.

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.