Kingsview Wealth Management LLC Sells 18,295 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Kingsview Wealth Management LLC cut its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 64.6% during the 4th quarter, HoldingsChannel reports. The fund owned 10,008 shares of the electric vehicle automaker’s stock after selling 18,295 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Rivian Automotive were worth $235,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RIVN. Panagora Asset Management Inc. lifted its stake in Rivian Automotive by 285.7% in the fourth quarter. Panagora Asset Management Inc. now owns 379,790 shares of the electric vehicle automaker’s stock worth $8,910,000 after purchasing an additional 281,331 shares during the last quarter. Beacon Pointe Advisors LLC increased its holdings in shares of Rivian Automotive by 3.8% in the fourth quarter. Beacon Pointe Advisors LLC now owns 25,972 shares of the electric vehicle automaker’s stock worth $609,000 after buying an additional 953 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of Rivian Automotive by 18.3% in the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock valued at $122,000 after acquiring an additional 802 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at about $769,000. Finally, Janney Montgomery Scott LLC grew its position in Rivian Automotive by 0.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 143,459 shares of the electric vehicle automaker’s stock worth $3,366,000 after acquiring an additional 908 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Up 6.5 %

Shares of NASDAQ RIVN opened at $10.70 on Thursday. The company has a 50 day simple moving average of $10.08 and a two-hundred day simple moving average of $14.56. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping the consensus estimate of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, analysts forecast that Rivian Automotive, Inc. will post -4.96 EPS for the current year.

Insiders Place Their Bets

In other news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was 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 directly owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kjell Gruner sold 19,935 shares of the firm’s 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 sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RIVN shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Morgan Stanley dropped their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. DA Davidson decreased their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. Finally, Evercore ISI reduced their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

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.