Public Employees Retirement System of Ohio Decreases Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Public Employees Retirement System of Ohio lessened its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 4.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 286,392 shares of the electric vehicle automaker’s stock after selling 12,474 shares during the period. Public Employees Retirement System of Ohio’s holdings in Rivian Automotive were worth $3,809,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tandem Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive during the 4th quarter valued at $27,000. Orion Capital Management LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at $34,000. Bear Mountain Capital Inc. raised its holdings in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after buying an additional 1,932 shares during the period. Finally, Quarry LP purchased a new stake in Rivian Automotive during the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

RIVN opened at $15.01 on Friday. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business’s fifty day simple moving average is $13.22 and its 200-day simple moving average is $12.84. The company has a market capitalization of $16.97 billion, a price-to-earnings ratio of -3.18 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same quarter in the prior year, the company earned ($1.48) EPS. The business’s revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $9,596,373.75. This trade represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 9,937 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the sale, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. The trade was a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock valued at $5,201,750 over the last quarter. 2.16% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RIVN has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. Mizuho upped their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Piper Sandler upped their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, May 22nd. Wedbush cut their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Finally, The Goldman Sachs Group cut their price objective on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $14.33.

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.