HITE Hedge Asset Management LLC Sells 150,964 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

HITE Hedge Asset Management LLC lessened its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 78.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 42,100 shares of the electric vehicle automaker’s stock after selling 150,964 shares during the period. HITE Hedge Asset Management LLC’s holdings in Rivian Automotive were worth $560,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in RIVN. Tandem Financial LLC bought a new position in Rivian Automotive in the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the third quarter valued at $28,000. Bear Mountain Capital Inc. increased its holdings in 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 buying an additional 1,932 shares in the last quarter. Finally, AllSquare Wealth Management LLC raised its position in Rivian Automotive by 8,794.1% in the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker’s stock worth $40,000 after buying an additional 2,990 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $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 sold 185,427 shares of company stock valued at $2,237,044 in the last 90 days. Insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Up 1.0 %

Shares of RIVN opened at $11.60 on Friday. The business’s 50 day moving average is $11.91 and its 200 day moving average is $12.06. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 12-month low of $8.32 and a 12-month high of $18.86. The company has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent analyst reports. Robert W. Baird dropped their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday. Mizuho cut their price objective on Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price on the stock. Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Finally, Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $14.17.

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.