Austin Private Wealth LLC Buys New Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Austin Private Wealth LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,659 shares of the electric vehicle automaker’s stock, valued at approximately $367,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its stake in shares of Rivian Automotive by 195.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 975 shares during the period. Ancora Advisors LLC acquired a new position in Rivian Automotive during the third quarter worth $27,000. MCF Advisors LLC lifted its holdings in shares of Rivian Automotive by 396.8% during the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after acquiring an additional 1,000 shares during the period. Resurgent Financial Advisors LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth about $30,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 1,245 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

RIVN stock opened at $10.95 on Friday. Rivian Automotive, Inc. has a twelve month low of $10.05 and a twelve month high of $28.06. The business’s fifty day moving average is $13.41 and its 200-day moving average is $17.39. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The company has a market cap of $10.70 billion, a P/E ratio of -1.91 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Equities research analysts forecast that Rivian Automotive, Inc. will post -4.79 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,306 shares of company stock worth $717,274. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on RIVN shares. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, February 26th. Morgan Stanley reduced their target price on Rivian Automotive from $24.00 to $14.00 and set an “overweight” rating on the stock in a report on Tuesday, February 27th. Wolfe Research reaffirmed a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Truist Financial reissued a “hold” rating and issued a $11.00 price objective (down previously from $26.00) on shares of Rivian Automotive in a research note on Monday, February 26th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $19.00 target price (down from $29.00) on shares of Rivian Automotive in a research note on Wednesday, January 17th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $20.26.

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.