New Insight Wealth Advisors Sells 7,608 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

New Insight Wealth Advisors lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.0% in the fourth quarter, HoldingsChannel reports. The fund owned 77,095 shares of the electric vehicle automaker’s stock after selling 7,608 shares during the period. New Insight Wealth Advisors’ holdings in Rivian Automotive were worth $1,025,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the third quarter worth about $28,000. Hantz Financial Services Inc. grew its holdings in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the period. Finally, Bear Mountain Capital Inc. grew its holdings in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 1.3 %

Shares of RIVN stock opened at $11.17 on Monday. 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 company has a market cap of $12.63 billion, a price-to-earnings ratio of -2.37 and a beta of 2.03. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The firm has a fifty day moving average price of $13.06 and a 200-day moving average price of $12.36.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is owned by company insiders.

Analyst Ratings Changes

RIVN has been the topic of a number of analyst reports. Mizuho boosted their price target on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, February 21st. UBS Group raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. TD Cowen initiated coverage on Rivian Automotive in a research note on Friday. They set a “hold” rating and a $12.70 target price on the stock. Stifel Nicolaus decreased their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, Benchmark started coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target 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.