Axxcess Wealth Management LLC Increases Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Axxcess Wealth Management LLC raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 5.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,011 shares of the electric vehicle automaker’s stock after acquiring an additional 2,623 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Rivian Automotive were worth $725,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of RIVN. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares in the last quarter. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $33,000. Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive in the first quarter valued at $33,000. Finally, Fairman Group LLC purchased a new position in Rivian Automotive in the fourth quarter valued at $36,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Monday, July 1st. Morgan Stanley upped their target price on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. DA Davidson lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Guggenheim assumed coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Canaccord Genuity Group raised their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Stock Up 1.9 %

RIVN stock opened at $13.15 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The business has a 50 day simple moving average of $14.61 and a 200-day simple moving average of $12.32. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, equities analysts expect that Rivian Automotive, Inc. will post -4.92 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 500,830 shares of company stock worth $7,872,145. Company insiders own 2.30% of the company’s stock.

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.