B. Riley Wealth Advisors Inc. Boosts Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

B. Riley Wealth Advisors Inc. raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 61.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,717 shares of the electric vehicle automaker’s stock after purchasing an additional 12,832 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Rivian Automotive were worth $791,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stifel Financial Corp raised its holdings in shares of Rivian Automotive by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares during the period. Morgan Stanley raised its holdings in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the period. Trust Point Inc. purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at $246,000. Sapient Capital LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at $330,000. Finally, Gradient Investments LLC raised its holdings in shares of Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after buying an additional 1,034 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Down 0.1 %

NASDAQ:RIVN opened at $10.32 on Friday. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $28.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The stock has a market cap of $10.27 billion, a P/E ratio of -1.79 and a beta of 2.01. The stock has a 50-day simple moving average of $10.24 and a 200-day simple moving average of $13.71.

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 during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, April 2nd. Morgan Stanley cut their price objective on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Wells Fargo & Company lowered their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. Finally, Barclays lowered their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% 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.