Elo Mutual Pension Insurance Co Trims Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Elo Mutual Pension Insurance Co lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 21.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,876 shares of the electric vehicle automaker’s stock after selling 13,910 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Rivian Automotive were worth $690,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of RIVN. RFG Holdings Inc. lifted its holdings in shares of Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after acquiring an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after purchasing an additional 1,160 shares in the last quarter. Freestone Capital Holdings LLC grew its stake in shares of Rivian Automotive by 4.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after buying an additional 1,164 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after buying an additional 1,250 shares during the period. Finally, World Investment Advisors LLC lifted its stake in Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after acquiring an additional 1,446 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred 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 completion of 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 disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock worth $2,588,475 over the last ninety days. 2.51% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on RIVN shares. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Barclays boosted their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Benchmark reissued a “buy” rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Stock Down 4.7 %

Rivian Automotive stock opened at $12.41 on Monday. The stock has a market capitalization of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50 day moving average of $12.26 and a two-hundred day moving average of $12.12. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, research 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.