Ieq Capital LLC Cuts Position in Rivian Automotive, Inc. $RIVN

Ieq Capital LLC lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 100,825 shares of the electric vehicle automaker’s stock after selling 760 shares during the quarter. Ieq Capital LLC’s holdings in Rivian Automotive were worth $1,255,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. PFS Partners LLC boosted its stake in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,882 shares during the last quarter. Orion Capital Management LLC purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $34,000. Olde Wealth Management LLC purchased a new position in Rivian Automotive in the first quarter valued at approximately $37,000. Golden State Wealth Management LLC lifted its stake in Rivian Automotive by 107.9% in the first quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker’s stock valued at $41,000 after purchasing an additional 1,714 shares during the last quarter. Finally, Elequin Capital LP purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $49,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on RIVN. Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Stifel Nicolaus 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 Friday, August 8th. Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Jefferies Financial Group reissued a “hold” rating and set a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. Finally, Wedbush lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $13.69.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.16% of the company’s stock.

Rivian Automotive Trading Down 0.5%

Rivian Automotive stock opened at $13.57 on Tuesday. The stock has a market cap of $16.47 billion, a P/E ratio of -4.20 and a beta of 1.81. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The firm’s fifty day moving average price is $12.97 and its 200-day moving average price is $12.96. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.46) EPS. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Rivian Automotive 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.