Oak Thistle LLC Decreases Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Oak Thistle LLC lowered its position in Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 48.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,096 shares of the electric vehicle automaker’s stock after selling 25,179 shares during the quarter. Oak Thistle LLC’s holdings in Rivian Automotive were worth $636,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. raised its holdings in Rivian Automotive by 1,329.5% during the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 585 shares in the last quarter. Ancora Advisors LLC acquired a new stake in Rivian Automotive during the third quarter worth approximately $27,000. MCF Advisors LLC raised its holdings in Rivian Automotive by 396.8% during the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after purchasing an additional 1,000 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 1,245 shares in the last quarter. Finally, Armstrong Advisory Group Inc. raised its holdings in Rivian Automotive by 281.7% during the third quarter. Armstrong Advisory Group Inc. now owns 1,355 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Evercore ISI cut their price objective on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, February 26th. Needham & Company LLC cut their target price on shares of Rivian Automotive from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Bank of America cut their target price on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Finally, Barclays cut their target price on shares of Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating on the stock in a report on Monday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $20.09.

Get Our Latest Report on RIVN

Insider Activity

In other news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 in the last 90 days. 2.30% of the stock is currently owned by insiders.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.51 on Wednesday. Rivian Automotive, Inc. has a 12 month low of $10.05 and a 12 month high of $28.06. The company has a 50-day moving average of $13.11 and a 200-day moving average of $17.03. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. On average, analysts anticipate that Rivian Automotive, Inc. will post -4.79 earnings per share for the current year.

Rivian Automotive Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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