Daiwa Securities Group Inc. Sells 25,319 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Daiwa Securities Group Inc. lowered its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 30.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,397 shares of the electric vehicle automaker's stock after selling 25,319 shares during the period. Daiwa Securities Group Inc.'s holdings in Rivian Automotive were worth $777,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RIVN. Geode Capital Management LLC raised its holdings in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock worth $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after purchasing an additional 133,781 shares in the last quarter. Swiss National Bank raised its holdings in Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker's stock worth $24,665,000 after purchasing an additional 45,200 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Rivian Automotive by 11.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker's stock worth $19,823,000 after purchasing an additional 181,155 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Rivian Automotive in the 4th quarter worth $9,432,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Remove Ads

Rivian Automotive Stock Performance

Shares of RIVN traded up $0.16 on Wednesday, reaching $11.36. The company's stock had a trading volume of 20,301,603 shares, compared to its average volume of 36,897,495. 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 capitalization of $12.84 billion, a P/E ratio of -2.41 and a beta of 2.03. The stock's 50 day simple moving average is $12.57 and its two-hundred day simple moving average is $12.21. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (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 the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred 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 transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RIVN shares. Benchmark reiterated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday. Baird R W lowered shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Mizuho decreased their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target for the company. Finally, Guggenheim decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, February 24th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $14.64.

Rivian Automotive Company Profile

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.