Larson Financial Group LLC Has $130,000 Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Larson Financial Group LLC lessened its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 44.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,782 shares of the electric vehicle automaker’s stock after selling 7,672 shares during the quarter. Larson Financial Group LLC’s holdings in Rivian Automotive were worth $130,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of RIVN. QRG Capital Management Inc. purchased a new position in Rivian Automotive during the 3rd quarter valued at about $338,000. State of New Jersey Common Pension Fund D grew its stake in Rivian Automotive by 1.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 281,500 shares of the electric vehicle automaker’s stock valued at $3,158,000 after acquiring an additional 3,033 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Rivian Automotive during the 3rd quarter valued at about $45,000. Baillie Gifford & Co. grew its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Rivian Automotive by 11.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker’s stock valued at $19,823,000 after acquiring an additional 181,155 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 1.7 %

Shares of RIVN stock opened at $10.78 on Wednesday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The firm has a market cap of $12.18 billion, a PE ratio of -2.28 and a beta of 2.03. The stock has a 50 day moving average of $13.01 and a 200-day moving average of $12.34. 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 (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Guggenheim lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. TD Cowen assumed coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $14.73.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on 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 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 document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 275,357 shares of company stock worth $3,988,140 over the last three months. 2.51% of the stock is currently owned by insiders.

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.