Cetera Investment Advisers Sells 4,611 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Cetera Investment Advisers decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 188,867 shares of the electric vehicle automaker’s stock after selling 4,611 shares during the period. Cetera Investment Advisers’ holdings in Rivian Automotive were worth $2,512,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Tradition Wealth Management LLC increased its position in shares of Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after acquiring an additional 849 shares during the period. RFG Holdings Inc. increased its position in shares of Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after acquiring an additional 1,096 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after acquiring an additional 1,160 shares during the period. Freestone Capital Holdings LLC increased its position in shares of Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after acquiring an additional 1,164 shares during the period. Finally, Advisory Services Network LLC increased its position in shares of Rivian Automotive by 8.3% in the 4th quarter. Advisory Services Network LLC now owns 17,158 shares of the electric vehicle automaker’s stock valued at $228,000 after acquiring an additional 1,314 shares during the period. Institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the topic of several research reports. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Cowen initiated coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Mizuho upped their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday. Robert W. Baird cut their price target on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Finally, UBS Group increased their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.24.

Rivian Automotive Trading Up 3.3%

RIVN stock opened at $15.81 on Friday. The firm has a market cap of $17.88 billion, a P/E ratio of -3.35 and a beta of 1.86. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. The company’s 50-day simple moving average is $12.39 and its 200-day simple moving average is $12.51. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. The trade was a 7.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 195,364 shares of company stock valued at $2,303,960. 2.16% of the stock is owned by corporate 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.