Verus Capital Partners LLC Sells 878 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Verus Capital Partners LLC trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,710 shares of the electric vehicle automaker’s stock after selling 878 shares during the period. Verus Capital Partners LLC’s holdings in Rivian Automotive were worth $156,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Baillie Gifford & Co. grew its position in Rivian Automotive by 52.5% in the third 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 during the period. Geode Capital Management LLC grew its position in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after acquiring an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. Swiss National Bank boosted its stake in Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after purchasing an additional 45,200 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Rivian Automotive by 11.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker’s stock worth $19,823,000 after purchasing an additional 181,155 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the 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 sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,357 shares of company stock worth $3,988,140 over the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on RIVN. Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective on the stock. 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. UBS Group boosted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. The Goldman Sachs Group boosted their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Finally, Benchmark began coverage on Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $14.87.

Rivian Automotive Trading Up 2.1 %

NASDAQ:RIVN opened at $11.84 on Friday. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The business’s 50-day moving average price is $13.32 and its two-hundred day moving average price is $12.44. 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 firm has a market capitalization of $12.08 billion, a price-to-earnings ratio of -2.51 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results 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. 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 the consensus estimate of $1.43 billion. On average, equities analysts expect 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.