Verus Capital Partners LLC Sells 878 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Verus Capital Partners LLC cut its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 11,710 shares of the electric vehicle automaker’s stock after selling 878 shares during the period. Verus Capital Partners LLC’s holdings in Rivian Automotive were worth $156,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Versor Investments LP bought a new position in shares of Rivian Automotive during the fourth quarter worth about $298,000. Proficio Capital Partners LLC acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $487,000. Oppenheimer & Co. Inc. boosted its position in Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares during the last quarter. Illinois Municipal Retirement Fund boosted its position in Rivian Automotive by 36.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock valued at $1,974,000 after purchasing an additional 39,751 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in Rivian Automotive by 153.7% during the fourth quarter. IFP Advisors Inc now owns 8,007 shares of the electric vehicle automaker’s stock valued at $106,000 after purchasing an additional 4,851 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on 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 approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock worth $3,988,140 in the last 90 days. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $11.84 on Friday. The stock has a market cap of $12.08 billion, a P/E ratio of -2.51 and a beta of 2.04. The stock has a 50 day simple moving average of $13.32 and a 200 day simple moving average of $12.44. 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 1-year low of $8.26 and a 1-year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on RIVN shares. Truist Financial increased their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird reissued a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. UBS Group increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Guggenheim reduced their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Finally, Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $14.87.

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.