HITE Hedge Asset Management LLC Sells 150,964 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

HITE Hedge Asset Management LLC cut its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 78.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,100 shares of the electric vehicle automaker’s stock after selling 150,964 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Rivian Automotive were worth $560,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Capital International Investors bought a new stake in Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $123,308,000. Groupama Asset Managment purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $26,600,000. Quinn Opportunity Partners LLC raised its position in shares of Rivian Automotive by 4,042.1% in the fourth quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker’s stock valued at $16,527,000 after purchasing an additional 1,212,641 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $10,448,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were 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 of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,237,044 over the last quarter. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $11.60 on Friday. 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 cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 1.89. Rivian Automotive, Inc. has a 1-year low of $8.32 and a 1-year high of $18.86. The firm has a 50-day moving average of $11.91 and a 200-day moving average of $12.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during 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%. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RIVN shares. Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Barclays increased their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. The Goldman Sachs Group reduced their target price on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Finally, Guggenheim decreased their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.17.

Rivian Automotive 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.