Stratos Wealth Partners LTD. Reduces Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Stratos Wealth Partners LTD. cut its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,549 shares of the electric vehicle automaker’s stock after selling 2,174 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Rivian Automotive were worth $206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Brown Advisory Inc. grew its holdings in shares of Rivian Automotive by 2.4% during the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock valued at $405,000 after purchasing an additional 772 shares during the last quarter. Dimension Capital Management LLC grew its stake in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 819 shares during the period. Tradition Wealth Management LLC grew its stake in shares of 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 worth $168,000 after acquiring an additional 849 shares during the period. Assenagon Asset Management S.A. grew its position in Rivian Automotive by 1.5% during the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker’s stock valued at $750,000 after buying an additional 867 shares during the period. Finally, Nissay Asset Management Corp Japan ADV boosted its position in shares of Rivian Automotive by 1.4% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 91,300 shares of the electric vehicle automaker’s stock worth $1,246,000 after purchasing an additional 1,265 shares during the period. Institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. Jefferies Financial Group reissued a “hold” rating and issued a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. UBS Group increased their target price 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. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Wedbush reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Finally, Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Stock Down 1.9%

NASDAQ RIVN opened at $12.39 on Thursday. The firm has a market cap of $14.01 billion, a PE ratio of -3.33 and a beta of 1.81. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $18.49. The business’s fifty day simple moving average is $14.15 and its 200-day simple moving average is $13.09. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same period in the previous year, the company posted ($1.48) EPS. Rivian Automotive’s revenue was up 3.0% compared to the same quarter last year. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the sale, the chief executive officer owned 1,483,111 shares of the company’s stock, valued at $22,780,584.96. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 241,407 shares of company stock valued at $3,553,883. Corporate insiders own 2.16% of the company’s stock.

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.