Comerica Bank Sells 10,267 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Comerica Bank cut its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 34.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,201 shares of the electric vehicle automaker’s stock after selling 10,267 shares during the period. Comerica Bank’s holdings in Rivian Automotive were worth $255,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of RIVN. Tradition Wealth Management LLC increased its stake in Rivian Automotive by 7.2% in the fourth 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 last quarter. RFG Holdings Inc. increased its stake in Rivian Automotive by 5.2% in the fourth 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 last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after buying an additional 1,160 shares during the last quarter. Freestone Capital Holdings LLC grew its stake in shares of Rivian Automotive by 4.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after buying an additional 1,164 shares during the last quarter. Finally, Advisory Services Network LLC grew its stake in shares of Rivian Automotive by 8.3% during the fourth quarter. Advisory Services Network LLC now owns 17,158 shares of the electric vehicle automaker’s stock valued at $228,000 after buying an additional 1,314 shares during 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 research analysts have recently issued reports on RIVN shares. Stifel Nicolaus raised their price objective on Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 12th. TD Cowen began coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Benchmark restated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. UBS Group raised their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $14.24.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on 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 $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 195,364 shares of company stock worth $2,303,960. Corporate insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $15.81 on Friday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $17.88 billion, a price-to-earnings ratio of -3.35 and a beta of 1.86. The firm’s 50-day moving average is $12.39 and its 200 day moving average is $12.51. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $18.86.

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

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.