Kestra Private Wealth Services LLC Cuts Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Kestra Private Wealth Services LLC lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 15.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 20,529 shares of the electric vehicle automaker’s stock after selling 3,786 shares during the period. Kestra Private Wealth Services LLC’s holdings in Rivian Automotive were worth $482,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of RIVN. Wellington Management Group LLP lifted its position in shares of Rivian Automotive by 228.5% during the third quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock valued at $88,144,000 after buying an additional 2,525,142 shares during the last quarter. Morgan Stanley boosted its stake in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 38.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,282,027 shares of the electric vehicle automaker’s stock valued at $55,408,000 after acquiring an additional 631,397 shares during the period. Northern Trust Corp raised its stake in Rivian Automotive by 14.8% in the 3rd quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock worth $102,833,000 after acquiring an additional 544,588 shares during the last quarter. Finally, Bamco Inc. NY lifted its position in Rivian Automotive by 25.4% during the 3rd quarter. Bamco Inc. NY now owns 2,531,751 shares of the electric vehicle automaker’s stock worth $61,471,000 after acquiring an additional 512,495 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RIVN has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price target for the company from $15.00 to $21.00 in a report on Friday, March 15th. DA Davidson reduced their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Truist Financial reissued a “hold” rating and issued a $10.00 price objective (down previously from $11.00) on shares of Rivian Automotive in a report on Thursday, May 2nd. Finally, Bank of America reduced their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and an average target price of $19.57.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.33 on Tuesday. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average is $10.39 and its two-hundred day moving average is $15.08. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -4.77 earnings per share for the current fiscal year.

Insider Activity

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

Rivian Automotive 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.