Fortitude Family Office LLC Sells Shares of Rivian Automotive, Inc.

Fortitude Family Office LLC has significantly reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 47.3% in the fourth quarter, as reported in its latest filing with the Securities and Exchange Commission. Following this adjustment, the firm now holds 3,174 shares of the electric vehicle manufacturer after selling 2,847 shares during the quarter. As of the recent filings, the value of Fortitude Family Office LLC's holdings in Rivian Automotive stands at approximately $42,000.

In addition to Fortitude Family Office LLC, several other institutional investors and hedge funds have also made changes to their positions in Rivian Automotive. For instance, Wilmington Savings Fund Society FSB has acquired a new position in Rivian shares, valued at about $28,000 during the third quarter. Similarly, GHP Investment Advisors Inc. increased its stake in Rivian by 63.2%, now owning 2,588 shares worth around $29,000 after purchasing an additional 1,002 shares during the same period.

Another significant increase was noted from American Capital Advisory LLC, which grew its position in Rivian Automotive by an impressive 267.6%, bringing its total ownership to 2,900 shares valued at approximately $33,000 after acquiring 2,111 additional shares. Hantz Financial Services Inc. reflected an even larger growth by increasing its ownership by 2,636.4%, now holding 3,010 shares worth about $34,000 after acquiring 2,900 shares. In contrast, Capital Performance Advisors LLP entered the market with a new investment in Rivian Automotive valued at around $44,000. Overall, institutional investors own approximately 66.25% of Rivian's stock.

Insider Transactions at Rivian Automotive

In recent insider activity, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive on November 25, achieving a total sale value of approximately $937,507.50 at an average price of $11.25 per share. After the sale, Scaringe retains ownership of 863,361 shares of the company, valued at around $9.71 million, marking an 8.80% reduction in his equity stake. The transaction was filed with the Securities and Exchange Commission and is publicly accessible.

Additionally, CFO Claire Mcdonough sold 3,210 shares of the company's stock on November 18, at an average price of $10.03, resulting in a total sale of about $32,196.30. Post-sale, she continues to own 378,498 shares valued at approximately $3.8 million, demonstrating a slight 0.84% decrease in her position. Over the last quarter, insiders collectively sold 327,429 shares valued at $4.47 million, with insiders holding 2.51% of the company's total shares.

Current Stock Performance

As of the last trading session, shares of Rivian Automotive opened at $13.85. The stock has recently seen a 50-day simple moving average of $12.53 and a 200-day simple moving average of $13.05. Rivian Automotive, Inc. has experienced a year low of $8.26 and a high of $19.12. The company boasts a market capitalization of $14.14 billion, carrying a negative price-to-earnings ratio of -2.47, with a beta of 2.05. Financial metrics also indicate a debt-to-equity ratio of 0.93, a current ratio of 5.09, and a quick ratio of 3.70.

Analysts' Expectations for Rivian

Several Wall Street analysts have recently issued reports on Rivian Automotive. Canaccord Genuity Group has adjusted their target price from $30.00 to $28.00, maintaining a “buy” rating. Piper Sandler has also revised its price objective down from $21.00 to $19.00 and retained an “overweight” rating. Meanwhile, Robert W. Baird reiterated a “neutral” rating, lowering their target price from $18.00 to $16.00. Benchmark started coverage on the company with a “buy” rating and a target price of $18.00.

Truist Financial reasserted a “hold” rating and a $12.00 target price recently. In total, one research analyst issued a sell rating, while fourteen rated it as a hold, and ten analysts gave it a buy rating. As reported by MarketBeat, the average rating for Rivian Automotive is currently “Hold,” with an average price target of $15.48.

About Rivian Automotive

Rivian Automotive, Inc. is engaged in designing, developing, manufacturing, and selling electric vehicles and their accessories. The company produces consumer vehicles, including a five-passenger pickup truck under the R1T brand and a three-row, seven-passenger sport utility vehicle named R1S.

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For anyone interested in tracking hedge funds' activities regarding Rivian Automotive, it’s advised to analyze the 13F filings and insider trades relevant to the company.

Rivian, Investment, Insider