Nisa Investment Advisors LLC Reduces Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Nisa Investment Advisors LLC reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 87.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,650 shares of the electric vehicle automaker’s stock after selling 150,250 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Rivian Automotive were worth $270,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in RIVN. Capital International Investors acquired a new stake in Rivian Automotive during the fourth quarter worth about $144,030,000. Norges Bank purchased a new position in Rivian Automotive in the fourth quarter worth approximately $123,308,000. Northern Trust Corp lifted its stake in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $29,944,000. Finally, Groupama Asset Managment acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $26,600,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. The trade was a 4.59% 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 17,185 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 241,407 shares of company stock worth $3,553,883. Company insiders own 2.16% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of a number of analyst reports. Mizuho lifted their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Jefferies Financial Group restated a “hold” rating and issued a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. Robert W. Baird reduced their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Finally, Stifel Nicolaus upped their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Up 4.1%

NASDAQ:RIVN opened at $12.90 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $17.56. The company has a market cap of $14.59 billion, a price-to-earnings ratio of -3.47 and a beta of 1.81. The stock’s fifty day moving average price is $14.13 and its two-hundred day moving average price is $13.09.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping 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 prior year, the company earned ($1.48) earnings per share. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. On average, 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.