Wedmont Private Capital Cuts Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Wedmont Private Capital lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 55.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,964 shares of the electric vehicle automaker’s stock after selling 20,184 shares during the period. Wedmont Private Capital’s holdings in Rivian Automotive were worth $221,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Baillie Gifford & Co. lifted its position in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the period. AQR Capital Management LLC raised its holdings in Rivian Automotive by 102.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Rivian Automotive during the 2nd quarter valued at $9,388,000. Finally, abrdn plc grew its holdings in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after acquiring an additional 518,561 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,429 shares of company stock valued at $4,467,450 in the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

RIVN stock opened at $14.21 on Friday. 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 firm has a 50 day moving average price of $12.96 and a 200-day moving average price of $13.07. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.85. The firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RIVN shares. Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Benchmark started coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Mizuho decreased their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price target on shares of Rivian Automotive in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.