Rivian Automotive, Inc. $RIVN Shares Sold by Forum Financial Management LP

Forum Financial Management LP reduced its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 72.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 12,322 shares of the electric vehicle automaker’s stock after selling 32,787 shares during the quarter. Forum Financial Management LP’s holdings in Rivian Automotive were worth $185,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital International Investors lifted its position in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after buying an additional 4,012,386 shares during the last quarter. Geode Capital Management LLC raised its stake in Rivian Automotive by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after buying an additional 59,503 shares in the last quarter. Norges Bank acquired a new stake in Rivian Automotive during the fourth quarter valued at approximately $220,323,000. Finally, Soma Equity Partners LP raised its stake in Rivian Automotive by 9.9% during the third quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after buying an additional 829,782 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 1.0%

NASDAQ:RIVN opened at $17.18 on Thursday. The firm has a market capitalization of $21.32 billion, a PE ratio of -5.88 and a beta of 1.60. The stock has a 50 day moving average of $15.60 and a 200-day moving average of $16.28. Rivian Automotive, Inc. has a 52 week low of $11.57 and a 52 week high of $22.69. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This represents a 3.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. The trade was a 0.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 80,076 shares of company stock worth $1,256,286. Company insiders own 1.48% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research report on Friday, May 1st. Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. TD Cowen restated a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Finally, Weiss Ratings lowered shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 18th. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.