Tower Research Capital LLC TRC Sells 11,504 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Tower Research Capital LLC TRC lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.4% in the fourth quarter, HoldingsChannel reports. The fund owned 111,164 shares of the electric vehicle automaker’s stock after selling 11,504 shares during the period. Tower Research Capital LLC TRC’s holdings in Rivian Automotive were worth $1,478,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after buying an additional 133,781 shares during the period. Mountain Hill Investment Partners Corp. acquired a new position in Rivian Automotive in the 4th quarter valued at $1,363,000. Groupama Asset Managment bought a new stake in shares of Rivian Automotive during the 4th quarter valued at $26,600,000. SG Americas Securities LLC grew its holdings in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after purchasing an additional 54,053 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Rivian Automotive in the fourth quarter worth $10,448,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Cowen initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating for the company. Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Mizuho lowered their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Finally, Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Three equities 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.17.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $11.80 on Thursday. The company has a market capitalization of $13.35 billion, a price-to-earnings ratio of -2.50 and a beta of 1.89. Rivian Automotive, Inc. has a twelve month low of $8.46 and a twelve month high of $18.86. The stock has a fifty day simple moving average of $11.78 and a 200 day simple moving average of $12.08. 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 data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (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 the consensus estimate of $1.43 billion. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,596,373.75. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock worth $2,154,905. Company insiders own 2.51% of the company’s stock.

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.