Daiwa Securities Group Inc. Cuts Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Daiwa Securities Group Inc. lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 30.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 58,397 shares of the electric vehicle automaker’s stock after selling 25,319 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Rivian Automotive were worth $777,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. John G Ullman & Associates Inc. grew its holdings in Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after purchasing an additional 1,000 shares in the last quarter. RFG Holdings Inc. grew its holdings in Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after purchasing an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. Freestone Capital Holdings LLC grew its holdings in Rivian Automotive by 4.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after purchasing an additional 1,164 shares in the last quarter. Finally, Tradition Wealth Management LLC grew its holdings in Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after purchasing an additional 1,250 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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 dated 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 in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 203,928 shares of company stock worth $3,013,134 in the last ninety days. 2.51% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on RIVN. Barclays raised their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Finally, Guggenheim decreased their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.73.

Rivian Automotive Trading Up 1.3 %

Shares of NASDAQ:RIVN opened at $10.75 on Friday. The company has a market cap of $12.16 billion, a PE ratio of -2.28 and a beta of 2.03. The company’s 50-day moving average price is $12.74 and its 200 day moving average price is $12.26. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.