Olympiad Research LP Sells 23,148 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Olympiad Research LP cut its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 61.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,409 shares of the electric vehicle automaker’s stock after selling 23,148 shares during the quarter. Olympiad Research LP’s holdings in Rivian Automotive were worth $192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. increased its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the period. Finally, American Capital Advisory LLC increased its holdings in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RIVN shares. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $13.00 to $15.00 in a research note on Friday. Truist Financial boosted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Piper Sandler dropped their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Finally, Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $15.09.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 283,454 shares of company stock valued at $4,086,923. 2.51% of the stock is owned by company insiders.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $12.97 on Monday. The stock has a market cap of $13.24 billion, a PE ratio of -2.75 and a beta of 2.04. The business has a 50-day simple moving average of $13.56 and a 200-day simple moving average of $12.50. 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, Inc. has a 52-week low of $8.26 and a 52-week high of $18.85.

Rivian Automotive (NASDAQ:RIVN) last issued 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. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.