Global Assets Advisory LLC Buys New Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Global Assets Advisory LLC acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 52,422 shares of the electric vehicle automaker’s stock, valued at approximately $574,000.

A number of other hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its position in shares of Rivian Automotive by 35.7% during the fourth 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 acquiring an additional 25,550,489 shares during the last quarter. Norges Bank purchased a new stake in Rivian Automotive during the 4th quarter valued at approximately $129,427,000. Vanguard Group Inc. lifted its position in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after acquiring an additional 4,467,881 shares during the period. Wellington Management Group LLP increased its holdings in shares of Rivian Automotive by 228.5% in the third quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock valued at $88,144,000 after purchasing an additional 2,525,142 shares during the period. Finally, Morgan Stanley lifted its holdings 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 worth $235,409,000 after purchasing an additional 1,193,650 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Truist Financial upped their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday. Guggenheim started coverage on Rivian Automotive in a report on Tuesday. They issued a “buy” rating and a $18.00 price target for the company. Wedbush upped their price objective on Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday. Cantor Fitzgerald raised their target price on Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Jefferies Financial Group assumed 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. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.17.

Rivian Automotive Trading Down 1.8 %

RIVN stock opened at $14.47 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $28.06. The stock’s fifty day simple moving average is $10.59 and its 200-day simple moving average is $13.56.

Rivian Automotive (NASDAQ:RIVN) last released 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 business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Equities analysts predict that Rivian Automotive, Inc. will post -4.94 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by company insiders.

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.