Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Sloy Dahl & Holst LLC

Sloy Dahl & Holst LLC reduced its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 88.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 51,139 shares of the electric vehicle automaker’s stock after selling 391,053 shares during the period. Sloy Dahl & Holst LLC’s holdings in Rivian Automotive were worth $560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the period. Vanguard Group Inc. grew its position in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after buying an additional 4,467,881 shares in the last quarter. Morgan Stanley increased its stake in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the period. Norges Bank bought a new stake in shares of Rivian Automotive during the 4th quarter worth about $129,427,000. Finally, Legal & General Group Plc lifted its stake in shares of Rivian Automotive by 10.0% in the 3rd quarter. Legal & General Group Plc now owns 3,935,314 shares of the electric vehicle automaker’s stock worth $95,549,000 after acquiring an additional 358,512 shares during the period. Institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of several recent analyst reports. Wells Fargo & Company dropped their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Jefferies Financial Group began coverage on Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target for the company. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. JPMorgan Chase & Co. raised their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Finally, Canaccord Genuity Group boosted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.04.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN traded up $0.21 during trading hours on Wednesday, hitting $15.10. 22,912,068 shares of the company traded hands, compared to its average volume of 43,616,082. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $28.06. The firm has a 50-day moving average of $10.90 and a 200 day moving average of $13.32. The stock has a market capitalization of $15.03 billion, a price-to-earnings ratio of -2.62 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. On average, analysts forecast that Rivian Automotive, Inc. will post -4.87 EPS for the current year.

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.