Axxcess Wealth Management LLC Sells 11,799 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Axxcess Wealth Management LLC trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 33.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,209 shares of the electric vehicle automaker’s stock after selling 11,799 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Rivian Automotive were worth $544,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Ancora Advisors LLC bought a new position in shares of Rivian Automotive during the third quarter worth approximately $27,000. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive in the 4th quarter valued at $26,000. First Horizon Advisors Inc. raised its holdings in Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares in the last quarter. Arlington Trust Co LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $35,000. Finally, Parkside Financial Bank & Trust increased its position in shares of Rivian Automotive by 86.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after purchasing an additional 784 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. Company insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Down 0.8 %

Shares of RIVN opened at $10.25 on Wednesday. The company has a market capitalization of $10.02 billion, a PE ratio of -1.79 and a beta of 1.91. The stock’s 50-day moving average price is $10.37 and its two-hundred day moving average price is $15.04. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, analysts anticipate that Rivian Automotive, Inc. will post -4.77 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIVN. JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their target price for the company from $15.00 to $21.00 in a report on Friday, March 15th. Barclays decreased their price target on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, April 19th. Needham & Company LLC dropped their price objective on Rivian Automotive from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Finally, Jefferies Financial Group started coverage on Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.57.

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.