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Baird Financial Group Inc. lowered its position in Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 20.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,449 shares of the electric vehicle automaker’s stock after selling 3,201 shares during the period. Baird Financial Group Inc.’s holdings in Rivian Automotive were worth $166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also added to or reduced their stakes in RIVN. Charles Schwab Investment Management Inc. increased its holdings in Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after buying an additional 133,781 shares during the period. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $1,363,000. Groupama Asset Managment acquired a new position in Rivian Automotive during the fourth quarter valued at $26,600,000. SG Americas Securities LLC lifted its position in Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after purchasing an additional 54,053 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Rivian Automotive during the fourth quarter valued at $10,448,000. Institutional investors own 66.25% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have recently commented on the stock. The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Mizuho boosted their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Stifel Nicolaus upped their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $14.24.
View Our Latest Stock Report on Rivian Automotive
Insider Activity
In related news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were 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 of the company’s stock, valued at $4,778,183.76. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,364 shares of company stock worth $2,303,960. 2.16% of the stock is currently owned by company insiders.
Rivian Automotive Price Performance
RIVN opened at $15.81 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. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. The company has a 50 day moving average of $12.39 and a two-hundred day moving average of $12.51. The company has a market cap of $17.88 billion, a P/E ratio of -3.35 and a beta of 1.86.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its earnings results 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 business had revenue of $1.73 billion during 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%. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share 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.
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