Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Fortitude Family Office LLC

Fortitude Family Office LLC trimmed its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 47.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,174 shares of the electric vehicle automaker’s stock after selling 2,847 shares during the quarter. Fortitude Family Office LLC’s holdings in Rivian Automotive were worth $42,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Nordea Investment Management AB raised its holdings in Rivian Automotive by 12.1% during the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after buying an additional 6,817 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $380,000. GAMMA Investing LLC boosted its holdings in shares of Rivian Automotive by 82.6% in the fourth quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock worth $118,000 after buying an additional 4,022 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Rivian Automotive by 72.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after buying an additional 37,647 shares during the period. Finally, Tidal Investments LLC boosted its holdings in shares of Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after buying an additional 60,205 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 2.5 %

RIVN opened at $13.85 on Friday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $19.12. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm’s fifty day moving average price is $12.53 and its two-hundred day moving average price is $13.05. The company has a market capitalization of $14.14 billion, a P/E ratio of -2.47 and a beta of 2.05.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,429 shares of company stock worth $4,467,450 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Benchmark assumed coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price for the company. Guggenheim decreased their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Royal Bank of Canada reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Barclays reduced their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.48.

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.