Rivian Automotive, Inc. $RIVN Shares Sold by Princeton Global Asset Management LLC

Princeton Global Asset Management LLC trimmed its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 45.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,000 shares of the electric vehicle automaker’s stock after selling 2,500 shares during the period. Princeton Global Asset Management LLC’s holdings in Rivian Automotive were worth $41,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Teacher Retirement System of Texas acquired a new stake in shares of Rivian Automotive in the first quarter valued at about $1,382,000. Caisse Des Depots ET Consignations acquired a new stake in shares of Rivian Automotive in the first quarter valued at about $2,807,000. Ethos Financial Group LLC acquired a new stake in shares of Rivian Automotive in the first quarter valued at about $311,000. Intech Investment Management LLC raised its position in shares of Rivian Automotive by 522.0% in the first quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock valued at $4,370,000 after buying an additional 294,539 shares during the last quarter. Finally, Udine Wealth Management Inc. acquired a new stake in shares of Rivian Automotive in the second quarter valued at about $937,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Trading Up 0.9%

Shares of RIVN stock opened at $13.20 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The firm has a market cap of $16.02 billion, a PE ratio of -4.09 and a beta of 1.82. The company has a 50-day moving average of $13.65 and a two-hundred day moving average of $13.47. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned ($1.46) EPS. On average, analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RIVN shares. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th. Zacks Research cut shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Mizuho restated an “underperform” rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research report on Monday. Guggenheim cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Finally, Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Reduce” and an average target price of $13.76.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is currently owned by 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.