MBB Public Markets I LLC Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

MBB Public Markets I LLC purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 46,500 shares of the electric vehicle automaker’s stock, valued at approximately $624,000.

A number of other institutional investors have also recently bought and sold shares of the business. TD Asset Management Inc increased its holdings in shares of Rivian Automotive by 11.6% during the 4th quarter. TD Asset Management Inc now owns 246,845 shares of the electric vehicle automaker’s stock worth $5,791,000 after acquiring an additional 25,567 shares during the last quarter. Bank of Nova Scotia bought a new position in shares of Rivian Automotive in the fourth quarter valued at about $3,923,000. Alberta Investment Management Corp lifted its stake in shares of Rivian Automotive by 332.2% during the 4th quarter. Alberta Investment Management Corp now owns 46,250 shares of the electric vehicle automaker’s stock worth $1,085,000 after buying an additional 35,550 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Rivian Automotive by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 1,020,775 shares of the electric vehicle automaker’s stock worth $23,947,000 after buying an additional 14,253 shares during the period. Finally, Belpointe Asset Management LLC acquired a new position in Rivian Automotive in the 4th quarter valued at about $241,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RIVN shares. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, August 7th. UBS Group lowered their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Barclays boosted their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 16th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Price Performance

RIVN stock opened at $10.44 on Wednesday. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The company has a 50 day simple moving average of $13.79 and a 200 day simple moving average of $12.32. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, analysts anticipate that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Over the last three months, insiders have sold 512,734 shares of company stock worth $8,038,565. 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.