Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. trimmed its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 30.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 institutional investors and hedge funds have also made changes to their positions in RIVN. Charles Schwab Investment Management Inc. increased its stake in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $9,432,000. Alberta Investment Management Corp acquired a new position in Rivian Automotive during the fourth quarter worth about $6,648,000. Virtu Financial LLC acquired a new position in Rivian Automotive during the third quarter worth about $4,184,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Rivian Automotive during the fourth quarter worth about $4,036,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 203,928 shares of company stock valued at $3,013,134 over the last quarter. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

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

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The company 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%. Analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. UBS Group upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Robert W. Baird restated a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.73.

About Rivian Automotive

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.