Creekmur Asset Management LLC Invests $51,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

Creekmur Asset Management LLC purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,177 shares of the electric vehicle automaker’s stock, valued at approximately $51,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. raised its stake in Rivian Automotive by 0.6% in the third quarter. Vanguard Group Inc. now owns 63,845,364 shares of the electric vehicle automaker’s stock worth $1,550,165,000 after buying an additional 408,677 shares in the last quarter. Morgan Stanley lifted its holdings in Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the period. Norges Bank purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $129,427,000. Finally, Northern Trust Corp raised its position in shares of Rivian Automotive by 14.8% in the 3rd quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock worth $102,833,000 after acquiring an additional 544,588 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. Truist Financial reaffirmed a “hold” rating and set a $10.00 price objective (down previously from $11.00) on shares of Rivian Automotive in a research report on Thursday, May 2nd. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Barclays cut their price target on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Finally, Jefferies Financial Group initiated coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Rivian Automotive has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Rivian Automotive Stock Down 2.1 %

Shares of RIVN stock opened at $10.88 on Monday. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $28.06. The stock has a 50 day moving average of $10.16 and a 200 day moving average of $13.89.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. On average, equities research analysts expect that Rivian Automotive, Inc. will post -4.96 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.