Landscape Capital Management L.L.C. Sells 44,461 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Landscape Capital Management L.L.C. decreased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 54.8% during the third quarter, HoldingsChannel reports. The firm owned 36,642 shares of the electric vehicle automaker’s stock after selling 44,461 shares during the quarter. Landscape Capital Management L.L.C.’s holdings in Rivian Automotive were worth $411,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of RIVN. UniSuper Management Pty Ltd lifted its stake in shares of Rivian Automotive by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 9,400 shares of the electric vehicle automaker’s stock valued at $103,000 after purchasing an additional 4,700 shares during the period. BOKF NA boosted its holdings in shares of Rivian Automotive by 14.5% during the 1st quarter. BOKF NA now owns 26,937 shares of the electric vehicle automaker’s stock valued at $299,000 after buying an additional 3,411 shares in the last quarter. Tidal Investments LLC grew its position in shares of Rivian Automotive by 59.1% in the 1st quarter. Tidal Investments LLC now owns 247,118 shares of the electric vehicle automaker’s stock worth $2,706,000 after buying an additional 91,810 shares during the period. Comerica Bank increased its stake in shares of Rivian Automotive by 60.8% in the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock worth $251,000 after acquiring an additional 8,653 shares in the last quarter. Finally, Advisory Resource Group bought a new position in shares of Rivian Automotive in the 1st quarter worth about $156,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $10.24 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a 50-day simple moving average of $10.75 and a two-hundred day simple moving average of $12.43. The firm has a market capitalization of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,876 shares of company stock worth $2,142,188. 2.51% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RIVN shares. Canaccord Genuity Group reduced their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. JPMorgan Chase & Co. reduced their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.73.

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.