Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Baird Financial Group Inc.

Baird Financial Group Inc. trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 20.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,449 shares of the electric vehicle automaker’s stock after selling 3,201 shares during the period. Baird Financial Group Inc.’s holdings in Rivian Automotive were worth $166,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RIVN. Capital International Investors acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $144,030,000. Norges Bank acquired a new stake in shares of Rivian Automotive in the 4th quarter worth about $123,308,000. Northern Trust Corp increased its holdings in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after acquiring an additional 2,941,928 shares during the period. Groupama Asset Managment acquired a new stake in shares of Rivian Automotive in the 4th quarter worth about $26,600,000. Finally, Quinn Opportunity Partners LLC increased its holdings in shares of Rivian Automotive by 4,042.1% in the 4th quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker’s stock worth $16,527,000 after acquiring an additional 1,212,641 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

Shares of RIVN opened at $15.81 on Friday. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $18.86. The company has a 50-day moving average of $12.39 and a two-hundred day moving average of $12.51. The stock has a market cap of $17.88 billion, a price-to-earnings ratio of -3.35 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RIVN. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday. Piper Sandler cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Wells Fargo & Company decreased their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Finally, JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.24.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,364 shares of company stock worth $2,303,960 over the last ninety days. 2.16% of the stock is currently owned by company insiders.

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.