EP Wealth Advisors LLC Reduces Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

EP Wealth Advisors LLC cut its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,688 shares of the electric vehicle automaker’s stock after selling 787 shares during the period. EP Wealth Advisors LLC’s holdings in Rivian Automotive were worth $142,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of RIVN. Concentric Capital Strategies LP acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $2,590,000. Brevan Howard Capital Management LP acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $2,698,000. Caxton Associates LP acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $1,011,000. Baker Avenue Asset Management LP boosted its stake in Rivian Automotive by 11.1% during the 4th quarter. Baker Avenue Asset Management LP now owns 292,966 shares of the electric vehicle automaker’s stock worth $3,896,000 after purchasing an additional 29,253 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in Rivian Automotive during the 4th quarter worth $892,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 3.2%

Shares of RIVN stock opened at $15.30 on Friday. The stock has a market cap of $17.30 billion, a price-to-earnings ratio of -3.24 and a beta of 1.86. 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 fifty-two week low of $9.50 and a fifty-two week high of $18.86. The firm’s 50 day moving average price is $12.29 and its two-hundred day moving average price is $12.46.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RIVN shares. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 target price on shares of Rivian Automotive in a report on Wednesday, May 7th. TD Cowen initiated coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Jefferies Financial Group restated a “hold” rating and set a $16.00 target price on shares of Rivian Automotive in a report on Wednesday. Finally, The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $14.16.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction on Monday, April 21st. The shares were sold at an average price of $11.46, for a total transaction of $409,270.98. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at approximately $9,775,506.06. The trade was a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the transaction, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. The trade was a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 195,364 shares of company stock valued at $2,303,960. Corporate insiders own 2.51% of the company’s stock.

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.