Wedmont Private Capital Sells 20,184 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Wedmont Private Capital reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 55.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,964 shares of the electric vehicle automaker's stock after selling 20,184 shares during the period. Wedmont Private Capital's holdings in Rivian Automotive were worth $221,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in Rivian Automotive in the second quarter worth $258,000. American Century Companies Inc. grew its position in Rivian Automotive by 4.1% in the second quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker's stock worth $2,071,000 after acquiring an additional 6,105 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Rivian Automotive by 20.5% in the second quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker's stock worth $2,309,000 after acquiring an additional 29,218 shares in the last quarter. Moors & Cabot Inc. grew its position in Rivian Automotive by 30.7% in the second quarter. Moors & Cabot Inc. now owns 17,945 shares of the electric vehicle automaker's stock worth $241,000 after acquiring an additional 4,220 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Rivian Automotive in the second quarter worth $1,145,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 327,429 shares of company stock worth $4,467,450. 2.51% of the stock is currently owned by company insiders.

Rivian Automotive Stock Down 1.6 %

RIVN traded down $0.23 during midday trading on Friday, reaching $14.21. The company's stock had a trading volume of 64,966,337 shares, compared to its average volume of 33,747,016. The firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.85. The stock's 50-day moving average is $12.96 and its 200-day moving average is $13.07.

Analysts Set New Price Targets

Several brokerages recently issued reports on RIVN. Wedbush reiterated an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Royal Bank of Canada lowered their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a research note on Friday, November 8th. Robert W. Baird reissued a "neutral" rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Piper Sandler lowered their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 price target on shares of Rivian Automotive in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $15.48.

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.