PNC Financial Services Group Inc. Sells 7,944 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

PNC Financial Services Group Inc. lowered its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 14.8% in the fourth quarter, Holdings Channel reports. The firm owned 45,799 shares of the electric vehicle automaker’s stock after selling 7,944 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rivian Automotive were worth $609,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Tandem Financial LLC bought a new position in Rivian Automotive in the fourth quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter valued at $28,000. Bear Mountain Capital Inc. lifted its stake in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent analyst reports. Needham & Company LLC increased their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their price target for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Barclays increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Mizuho cut 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. Finally, Guggenheim cut their target price 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 research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.64.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $11.20 on Wednesday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The stock has a market capitalization of $12.66 billion, a price-to-earnings ratio of -2.37 and a beta of 2.03. The company has a 50-day simple moving average of $12.57 and a two-hundred day simple moving average of $12.21.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results 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 net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related 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 sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,735,619 in the last ninety days. 2.51% of the stock is currently owned by company insiders.

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.