Rivian Automotive, Inc. (NASDAQ:RIVN) Stock Position Lowered by Comerica Bank

Comerica Bank trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 34.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Capital International Investors bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $144,030,000. Norges Bank bought a new position in Rivian Automotive in the 4th quarter valued at $123,308,000. Northern Trust Corp raised its position in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. Groupama Asset Managment bought a new position in Rivian Automotive in the 4th quarter valued at $26,600,000. Finally, Quinn Opportunity Partners LLC increased its stake in shares of Rivian Automotive by 4,042.1% in the 4th quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker’s stock valued at $16,527,000 after buying an additional 1,212,641 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on RIVN. UBS Group lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, May 7th. Mizuho boosted their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday. Jefferies Financial Group reissued a “hold” rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday. Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Finally, Benchmark restated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Three equities research 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’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $14.24.

Rivian Automotive Trading Up 3.3%

Shares of NASDAQ:RIVN opened at $15.81 on Friday. The company has a market capitalization of $17.88 billion, a P/E ratio of -3.35 and a beta of 1.86. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business’s 50 day simple moving average is $12.39 and its 200 day simple moving average is $12.51.

Rivian Automotive (NASDAQ:RIVN) last issued its 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 the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. The trade was a 7.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 195,364 shares of company stock valued at $2,303,960 in the last 90 days. 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.