Fairman Group LLC Takes $36,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Fairman Group LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,547 shares of the electric vehicle automaker’s stock, valued at approximately $36,000.

Several other institutional investors have also bought and sold shares of RIVN. Stifel Financial Corp lifted its position in shares of Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after acquiring an additional 19,699 shares in the last quarter. CenterBook Partners LP bought a new stake in Rivian Automotive during the third quarter valued at $4,473,000. Morgan Stanley grew its position 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 in the last quarter. Aigen Investment Management LP bought a new position in Rivian Automotive in the 3rd quarter worth about $1,806,000. Finally, Trust Point Inc. bought a new stake in Rivian Automotive during the fourth quarter valued at approximately $246,000. 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 firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Up 0.5 %

NASDAQ:RIVN opened at $11.02 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $28.06. The company’s 50-day simple moving average is $10.18 and its 200 day simple moving average is $13.80.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 price target on the stock. Evercore ISI decreased their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Monday. Finally, Stifel Nicolaus lowered their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

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.