Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC trimmed its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 10.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,064 shares of the electric vehicle automaker’s stock after selling 9,742 shares during the period. New York Life Investment Management LLC’s holdings in Rivian Automotive were worth $1,078,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Tandem Financial LLC acquired a new position in Rivian Automotive during the fourth quarter worth $25,000. Bank of Jackson Hole Trust acquired a new position in Rivian Automotive during the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the third quarter worth $28,000. Bear Mountain Capital Inc. lifted its stake in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares in the last quarter. Finally, American Capital Advisory LLC lifted its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the 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 completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 275,357 shares of company stock valued at $3,988,140. 2.51% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Royal Bank of Canada decreased their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Wells Fargo & Company increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Stifel Nicolaus reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Finally, Needham & Company LLC increased their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $14.87.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $11.51 on Tuesday. The stock’s 50-day moving average is $13.32 and its two-hundred day moving average is $12.43. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of -2.44 and a beta of 2.04. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

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, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Rivian Automotive Company 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.