Great Lakes Advisors LLC Sells 391,019 Shares of Rivian Automotive, Inc. $RIVN

Great Lakes Advisors LLC decreased its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 50.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 389,921 shares of the electric vehicle automaker’s stock after selling 391,019 shares during the period. Great Lakes Advisors LLC’s holdings in Rivian Automotive were worth $5,724,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 2.6% during the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock valued at $1,086,507,000 after purchasing an additional 1,983,509 shares during the period. Geode Capital Management LLC boosted its stake in Rivian Automotive by 4.9% during the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after buying an additional 689,045 shares in the last quarter. Norges Bank bought a new stake in Rivian Automotive in the 2nd quarter valued at $105,629,000. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 15.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after buying an additional 799,030 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Rivian Automotive by 11.1% in the 2nd quarter. Swiss National Bank now owns 2,379,400 shares of the electric vehicle automaker’s stock valued at $32,693,000 after buying an additional 237,200 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,039 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the completion of the sale, the chief financial officer directly owned 730,017 shares in the company, valued at approximately $13,140,306. This trade represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares of the company’s stock, valued at $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 172,504 shares of company stock worth $3,012,734. Insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $14.75 on Friday. Rivian Automotive, Inc. has a 1-year low of $10.36 and a 1-year high of $22.69. The company has a 50 day moving average of $18.06 and a 200-day moving average of $15.22. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The firm has a market cap of $18.08 billion, a price-to-earnings ratio of -4.74 and a beta of 1.77.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the company earned ($1.08) EPS. Rivian Automotive’s revenue for the quarter was up 78.3% on a year-over-year basis. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on RIVN shares. DA Davidson lifted their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Wedbush lifted their price objective on Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, December 19th. Canaccord Genuity Group reiterated a “buy” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Morgan Stanley reissued an “underweight” rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Monday, December 8th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $16.74.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.