Farther Finance Advisors LLC Sells 9,757 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Farther Finance Advisors LLC trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 62.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,831 shares of the electric vehicle automaker’s stock after selling 9,757 shares during the quarter. Farther Finance Advisors LLC’s holdings in Rivian Automotive were worth $78,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Tandem Financial LLC bought a new position in shares of Rivian Automotive in the 4th quarter worth $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive in the 4th quarter worth $27,000. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the 3rd quarter worth $28,000. Bear Mountain Capital Inc. boosted its position in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % 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 quarter. Insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RIVN shares. Piper Sandler lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $19.00 to $13.00 in a research report on Thursday. Barclays raised their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Guggenheim dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Mizuho dropped their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Finally, Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $11.60 on Friday. The firm’s fifty day moving average price is $12.41 and its 200-day moving average price is $12.17. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) 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 analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

About Rivian Automotive

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.