Cerity Partners LLC Sells 36,602 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Cerity Partners LLC reduced its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 59.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,325 shares of the electric vehicle automaker’s stock after selling 36,602 shares during the quarter. Cerity Partners LLC’s holdings in Rivian Automotive were worth $337,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in RIVN. Norges Bank purchased a new position in shares of Rivian Automotive during the fourth quarter worth approximately $123,308,000. Groupama Asset Managment purchased a new stake in shares of Rivian Automotive in the 4th quarter worth about $26,600,000. KLP Kapitalforvaltning AS purchased a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $10,448,000. Raymond James Financial Inc. bought a new stake in Rivian Automotive during the fourth quarter worth about $9,432,000. Finally, Alberta Investment Management Corp purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $6,648,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on RIVN shares. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price for the company. The Goldman Sachs Group reduced their price objective on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Finally, Piper Sandler cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $14.17.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. This represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock worth $2,154,905. 2.51% of the stock is currently owned by company insiders.

Rivian Automotive Stock Up 3.9 %

NASDAQ:RIVN opened at $11.80 on Thursday. The stock has a fifty day simple moving average of $11.78 and a 200-day simple moving average of $12.08. The company has a market cap of $13.35 billion, a price-to-earnings ratio of -2.50 and a beta of 1.89. Rivian Automotive, Inc. has a twelve month low of $8.46 and a twelve month high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) 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 business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.