Zevenbergen Capital Investments LLC Cuts Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Zevenbergen Capital Investments LLC lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 229,005 shares of the electric vehicle automaker’s stock after selling 21,512 shares during the quarter. Zevenbergen Capital Investments LLC’s holdings in Rivian Automotive were worth $3,046,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Rivian Automotive during the 4th quarter valued at about $10,448,000. Raymond James Financial Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter valued at about $9,432,000. Alberta Investment Management Corp acquired a new position in shares of Rivian Automotive during the 4th quarter valued at about $6,648,000. Finally, Virtu Financial LLC acquired a new position in Rivian Automotive in the third quarter valued at about $4,184,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,998 shares of company stock worth $1,744,184. 2.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on RIVN. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Needham & Company LLC upped their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Truist Financial upped their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Cowen began coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Mizuho decreased their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Price Performance

RIVN stock opened at $11.60 on Monday. The company has a market capitalization of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The business has a 50 day simple moving average of $12.41 and a 200-day simple moving average of $12.16. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

About Rivian Automotive

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.