Larson Financial Group LLC Sells 7,672 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Larson Financial Group LLC trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 44.0% during the fourth quarter, HoldingsChannel.com reports. The fund 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 reporting period.

Other large investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position 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 valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. Mizuho Markets Americas LLC grew its position in Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after acquiring an additional 124,950 shares during the period. SG Americas Securities LLC grew its position in Rivian Automotive by 42.7% in 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 acquiring an additional 54,053 shares during the period. SBI Securities Co. Ltd. bought a new stake in Rivian Automotive in the fourth quarter valued at $1,382,000. Finally, Alberta Investment Management Corp bought a new stake in Rivian Automotive in the fourth quarter valued at $6,648,000. 66.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RIVN has been the topic of a number of analyst reports. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price target for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. The Goldman Sachs Group increased their target price on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. UBS Group increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, Wells Fargo & Company increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $14.73.

Rivian Automotive Trading Down 1.7 %

NASDAQ:RIVN opened at $10.78 on Wednesday. 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 $13.01 and its two-hundred day moving average price is $12.34. 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 $12.18 billion, a price-to-earnings ratio of -2.28 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was 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 in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 over the last 90 days. 2.51% of the stock is owned by company 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.