Gilder Gagnon Howe & Co. LLC Sells 569,686 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Gilder Gagnon Howe & Co. LLC reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 15.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,029,534 shares of the electric vehicle automaker’s stock after selling 569,686 shares during the quarter. Gilder Gagnon Howe & Co. LLC owned 0.30% of Rivian Automotive worth $40,293,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Capital International Investors bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter worth $123,308,000. Groupama Asset Managment purchased a new position in shares of Rivian Automotive in the fourth quarter worth $26,600,000. Quinn Opportunity Partners LLC lifted its holdings in shares of Rivian Automotive by 4,042.1% during 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 in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $10,448,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Guggenheim dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Robert W. Baird dropped their price target on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Finally, Needham & Company LLC upped their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $14.08.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $12.62 on Friday. 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, Inc. has a 52 week low of $8.50 and a 52 week high of $18.86. The stock’s 50-day simple moving average is $11.71 and its 200-day simple moving average is $12.11. The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of -2.67 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on 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 owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $9,596,373.75. This represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock worth $2,154,905. 2.51% of the stock is owned by insiders.

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.