Point72 Italy S.r.l. Sells 252,842 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Point72 Italy S.r.l. reduced its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 58.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 177,784 shares of the electric vehicle automaker’s stock after selling 252,842 shares during the quarter. Rivian Automotive accounts for approximately 1.0% of Point72 Italy S.r.l.’s portfolio, making the stock its 19th largest position. Point72 Italy S.r.l.’s holdings in Rivian Automotive were worth $2,386,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of RIVN. Quent Capital LLC lifted its stake in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth $33,000. Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive during the first quarter worth $33,000. Finally, Fairman Group LLC bought a new stake in Rivian Automotive in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders have sold a total of 429,401 shares of company stock worth $7,068,569 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $11.84 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of -2.05 and a beta of 2.06. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.87. The firm’s 50-day simple moving average is $14.25 and its 200 day simple moving average is $12.33.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -4.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group lowered their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Canaccord Genuity Group lifted their target price on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Friday, August 16th. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average price target of $18.09.

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.