Orion Portfolio Solutions LLC Sells 24,363 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Orion Portfolio Solutions LLC decreased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 57.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,384 shares of the electric vehicle automaker's stock after selling 24,363 shares during the quarter. Orion Portfolio Solutions LLC's holdings in Rivian Automotive were worth $245,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Tandem Financial LLC acquired a new stake in Rivian Automotive during the 4th quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive in the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the third quarter worth about $28,000. Bear Mountain Capital Inc. lifted its holdings in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after purchasing an additional 1,932 shares in the last quarter. Finally, AllSquare Wealth Management LLC grew its position in shares of Rivian Automotive by 8,794.1% in the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock valued at $40,000 after purchasing an additional 2,990 shares during the period. Institutional investors own 66.25% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on RIVN. Mizuho dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday. Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Friday, February 21st. Wells Fargo & Company upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, February 21st. Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $14.25.

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Rivian Automotive Trading Up 1.4 %

NASDAQ RIVN traded up $0.16 during trading hours on Monday, reaching $11.63. The company's stock had a trading volume of 2,265,684 shares, compared to its average volume of 36,883,461. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week 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 stock has a market cap of $13.15 billion, a P/E ratio of -2.46 and a beta of 1.89. The firm has a fifty day simple moving average of $11.99 and a 200-day simple moving average of $12.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,427 shares of company stock worth $2,237,044. Insiders own 2.51% 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.