IFP Advisors Inc Increases Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

IFP Advisors Inc increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 153.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,007 shares of the electric vehicle automaker’s stock after acquiring an additional 4,851 shares during the quarter. IFP Advisors Inc’s holdings in Rivian Automotive were worth $106,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RIVN. Tandem Financial LLC purchased a new position in Rivian Automotive during the fourth quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive during the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive during the third quarter valued at $28,000. American Capital Advisory LLC lifted its position in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Mizuho raised their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Sanford C. Bernstein started coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target for the company. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Wells Fargo & Company raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Finally, Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price target for the company from $13.00 to $15.00 in a report on Friday, February 21st. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Trading Down 2.2 %

Rivian Automotive stock opened at $11.26 on Wednesday. The business has a 50-day simple moving average of $13.28 and a two-hundred day simple moving average of $12.41. The company has a market cap of $12.73 billion, a P/E ratio of -2.39 and a beta of 2.04. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 in the last ninety days. Corporate insiders own 2.51% 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.