Raymond James Financial Inc. Takes $9.43 Million Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Raymond James Financial Inc. acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 709,170 shares of the electric vehicle automaker’s stock, valued at approximately $9,432,000. Raymond James Financial Inc. owned 0.07% of Rivian Automotive at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. increased its stake in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares during the period. Alberta Investment Management Corp acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $6,648,000. Virtu Financial LLC bought a new stake in Rivian Automotive in the third quarter valued at approximately $4,184,000. Y Intercept Hong Kong Ltd bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $4,036,000. Finally, FORA Capital LLC bought a new stake in Rivian Automotive in the third quarter valued at approximately $3,218,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Up 6.6 %

RIVN stock opened at $11.60 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The stock has a 50-day simple moving average of $12.41 and a two-hundred day simple moving average of $12.17.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share 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 analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RIVN shares. TD Cowen started coverage on Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price target on the stock. Guggenheim cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Wells Fargo & Company increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Benchmark restated a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a report on Tuesday. Finally, 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 on the stock. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.38.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,735,619 in the last quarter. 2.51% of the stock is currently owned by corporate 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.