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

Forum Financial Management LP lessened its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 72.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,322 shares of the electric vehicle automaker’s stock after selling 32,787 shares during the period. Forum Financial Management LP’s holdings in Rivian Automotive were worth $185,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RIVN. Newbridge Financial Services Group Inc. raised its holdings in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Core Wealth Advisors LLC purchased a new stake in Rivian Automotive during the fourth quarter worth approximately $27,000. SOA Wealth Advisors LLC. increased its position in shares of Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at $31,000. Finally, Zions Bancorporation National Association UT purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction dated 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 owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% 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. Over the last ninety days, insiders have sold 80,076 shares of company stock worth $1,256,286. Corporate insiders own 1.48% of the company’s stock.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $17.18 on Thursday. Rivian Automotive, Inc. has a 12 month low of $11.57 and a 12 month high of $22.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The firm has a market capitalization of $21.32 billion, a P/E ratio of -5.88 and a beta of 1.60. The company’s fifty day moving average price is $15.60 and its two-hundred day moving average price is $16.28.

Analysts Set New Price Targets

RIVN has been the subject of a number of research reports. DA Davidson upped their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Needham & Company LLC restated a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 10th. BNP Paribas Exane reaffirmed an “outperform” rating and issued a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. TD Cowen reiterated a “buy” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Finally, Bank of America initiated coverage on Rivian Automotive in a report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 target price on the stock. Twelve investment 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Company 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.