Proficio Capital Partners LLC Takes $487,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Proficio Capital Partners LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 36,628 shares of the electric vehicle automaker’s stock, valued at approximately $487,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Tandem Financial LLC acquired a new position in Rivian Automotive during the 4th quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive in the 4th quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the 3rd quarter valued at about $28,000. Bear Mountain Capital Inc. lifted its position in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $12.19 on Tuesday. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The stock has a market cap of $13.78 billion, a price-to-earnings ratio of -2.58 and a beta of 2.03. The business’s fifty day moving average is $12.38 and its 200 day moving average is $12.15. 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 issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on RIVN. UBS Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Cowen began coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Guggenheim dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three investment 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, Rivian Automotive has a consensus rating of “Hold” and an average price target of $14.38.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company’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 transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,998 shares of company stock worth $1,744,184 in the last quarter. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Company 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.