Virtu Financial LLC Reduces Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Virtu Financial LLC decreased its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 93.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,003 shares of the electric vehicle automaker's stock after selling 349,930 shares during the quarter. Virtu Financial LLC's holdings in Rivian Automotive were worth $306,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after buying an additional 2,035,831 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $9,432,000. Alberta Investment Management Corp bought a new position in Rivian Automotive in the 4th quarter worth about $6,648,000. Great Lakes Advisors LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at about $4,929,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Rivian Automotive during the 4th quarter valued at about $4,036,000. Institutional investors own 66.25% of the company's stock.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,588,475 in the last three months. 2.51% of the stock is currently owned by corporate insiders.

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Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Needham & Company LLC upped their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Robert W. Baird reaffirmed a "neutral" rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Cowen began coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a "hold" rating for the company. Truist Financial boosted their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Finally, Barclays increased their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Price Performance

Shares of RIVN stock traded down $0.61 on Friday, hitting $12.41. 35,888,898 shares of the stock traded hands, compared to its average volume of 37,127,458. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The firm has a 50 day simple moving average of $12.26 and a two-hundred day simple moving average of $12.13. The firm has a market cap of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.