Victory Capital Management Inc. Sells 62,799 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Victory Capital Management Inc. trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 18.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 272,832 shares of the electric vehicle automaker’s stock after selling 62,799 shares during the quarter. Victory Capital Management Inc.’s holdings in Rivian Automotive were worth $6,401,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Van ECK Associates Corp increased its stake in Rivian Automotive by 1.5% during the fourth quarter. Van ECK Associates Corp now owns 236,275 shares of the electric vehicle automaker’s stock worth $5,543,000 after acquiring an additional 3,597 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in Rivian Automotive by 3.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 388,765 shares of the electric vehicle automaker’s stock worth $9,120,000 after acquiring an additional 11,621 shares during the last quarter. Stevens Capital Management LP increased its stake in Rivian Automotive by 1,007.1% during the fourth quarter. Stevens Capital Management LP now owns 161,970 shares of the electric vehicle automaker’s stock worth $3,800,000 after acquiring an additional 147,340 shares during the last quarter. Meritage Portfolio Management increased its stake in Rivian Automotive by 13.6% during the fourth quarter. Meritage Portfolio Management now owns 51,577 shares of the electric vehicle automaker’s stock worth $1,210,000 after acquiring an additional 6,164 shares during the last quarter. Finally, GAMMA Investing LLC bought a new stake in Rivian Automotive during the fourth quarter worth approximately $84,000. 66.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RIVN has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Morgan Stanley cut their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Wells Fargo & Company cut their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 8th. DA Davidson cut their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Finally, Stifel Nicolaus cut their target price on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

View Our Latest Stock Analysis on RIVN

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock worth $717,274 over the last quarter. Insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Up 2.7 %

Shares of NASDAQ RIVN opened at $11.19 on Wednesday. The business has a fifty day moving average price of $10.31 and a 200 day moving average price of $14.82. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $28.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The stock has a market capitalization of $10.94 billion, a P/E ratio of -1.94 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Equities research analysts expect that Rivian Automotive, Inc. will post -4.77 EPS for the current fiscal year.

Rivian Automotive Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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