HB Wealth Management LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,626 shares of the electric vehicle automaker’s stock, valued at approximately $138,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the period. Morgan Stanley increased its position in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares during the last quarter. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $129,427,000. Finally, Legal & General Group Plc lifted its holdings in shares of Rivian Automotive by 10.0% in the 3rd quarter. Legal & General Group Plc now owns 3,935,314 shares of the electric vehicle automaker’s stock worth $95,549,000 after acquiring an additional 358,512 shares during the last quarter. 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 business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, June 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Royal Bank of Canada increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a research note on Monday, July 1st. Wells Fargo & Company dropped their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. Finally, Needham & Company LLC boosted their price target on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.04.
Check Out Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Stock Performance
Shares of Rivian Automotive stock opened at $14.79 on Friday. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06. The firm’s 50 day moving average is $11.25 and its two-hundred day moving average is $13.28. The firm has a market capitalization of $14.72 billion, a P/E ratio of -2.56 and a beta of 2.08.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Research analysts forecast that Rivian Automotive, Inc. will post -4.87 EPS for the current fiscal 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.
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