Rockefeller Capital Management L.P. Sells 17,719 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Rockefeller Capital Management L.P. lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 32.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 37,289 shares of the electric vehicle automaker’s stock after selling 17,719 shares during the period. Rockefeller Capital Management L.P.’s holdings in Rivian Automotive were worth $418,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. GHP Investment Advisors Inc. grew its position in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the period. American Capital Advisory LLC increased its stake in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the period. Hantz Financial Services Inc. increased its stake in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive in the 2nd quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $14.06 on Wednesday. The firm has a fifty day simple moving average of $10.87 and a two-hundred day simple moving average of $12.60. The stock has a market capitalization of $14.35 billion, a P/E ratio of -2.51 and a beta of 2.12. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research analyst reports. Stifel Nicolaus cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.83.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 261,307 shares of company stock valued at $3,178,479 in the last 90 days. Insiders own 2.51% of the company’s stock.

Rivian Automotive 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.