Western Wealth Management LLC Reduces Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Western Wealth Management LLC lessened its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 25.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,428 shares of the electric vehicle automaker’s stock after selling 3,203 shares during the quarter. Western Wealth Management LLC’s holdings in Rivian Automotive were worth $221,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Dynamic Advisor Solutions LLC lifted its stake in shares of Rivian Automotive by 17.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 12,239 shares of the electric vehicle automaker’s stock worth $297,000 after purchasing an additional 1,861 shares during the period. AE Wealth Management LLC raised its position in shares of Rivian Automotive by 150.2% during the third quarter. AE Wealth Management LLC now owns 49,084 shares of the electric vehicle automaker’s stock valued at $1,192,000 after buying an additional 29,464 shares during the last quarter. DnB Asset Management AS raised its position in shares of Rivian Automotive by 13.9% during the third quarter. DnB Asset Management AS now owns 99,666 shares of the electric vehicle automaker’s stock valued at $2,420,000 after buying an additional 12,198 shares during the last quarter. Friedenthal Financial purchased a new position in shares of Rivian Automotive in the third quarter valued at $773,000. Finally, Private Trust Co. NA grew its holdings in shares of Rivian Automotive by 2,117.6% in the third quarter. Private Trust Co. NA now owns 1,885 shares of the electric vehicle automaker’s stock valued at $46,000 after purchasing an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last three months. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Stifel Nicolaus cut their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a report on Monday, February 26th. Jefferies Financial Group assumed coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price for the company. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Price Performance

RIVN stock opened at $8.79 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The business has a 50-day moving average price of $11.39 and a 200 day moving average price of $15.77. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

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.