Rivian Automotive, Inc. (NASDAQ:RIVN) Position Lessened by First National Trust Co

First National Trust Co decreased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 24.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,200 shares of the electric vehicle automaker’s stock after selling 5,000 shares during the period. First National Trust Co’s holdings in Rivian Automotive were worth $202,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. John G Ullman & Associates Inc. lifted its holdings in shares of Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares during the last quarter. RFG Holdings Inc. lifted its holdings in shares of Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after purchasing an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after purchasing an additional 1,160 shares during the last quarter. Freestone Capital Holdings LLC lifted its holdings in shares of Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock worth $390,000 after purchasing an additional 1,164 shares during the last quarter. Finally, Tradition Wealth Management LLC raised its stake in Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after acquiring an additional 1,250 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $10.75 on Friday. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year 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 company has a market capitalization of $12.16 billion, a price-to-earnings ratio of -2.28 and a beta of 2.03. The stock’s fifty day simple moving average is $12.74 and its 200-day simple moving average is $12.26.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. This trade represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 203,928 shares of company stock worth $3,013,134. 2.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RIVN. Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Truist Financial lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Finally, Barclays lifted their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.73.

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.