Ethic Inc. Buys 21,580 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Ethic Inc. raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 122.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,222 shares of the electric vehicle automaker’s stock after buying an additional 21,580 shares during the period. Ethic Inc.’s holdings in Rivian Automotive were worth $522,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Claro Advisors LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $147,000. Oak Thistle LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $316,000. Assenagon Asset Management S.A. boosted its position in shares of Rivian Automotive by 21.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 59,385 shares of the electric vehicle automaker’s stock valued at $790,000 after purchasing an additional 10,408 shares in the last quarter. HCR Wealth Advisors bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $133,000. Finally, First Pacific Financial boosted its position in shares of Rivian Automotive by 4.1% during the 4th quarter. First Pacific Financial now owns 37,189 shares of the electric vehicle automaker’s stock valued at $495,000 after purchasing an additional 1,449 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at $9,775,506.06. This trade represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 9,937 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the sale, the chief financial officer now directly owns 851,637 shares of the company’s stock, valued at $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 195,364 shares of company stock valued at $2,303,960 over the last ninety days. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Stock Performance

RIVN stock opened at $15.30 on Friday. The firm has a market cap of $17.30 billion, a PE ratio of -3.24 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business has a 50 day moving average of $12.29 and a 200-day moving average of $12.46. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $18.86.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Mizuho upped their target price on Rivian Automotive from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Guggenheim restated a “buy” rating and set a $16.00 target price on shares of Rivian Automotive in a research report on Tuesday, May 6th. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. The Goldman Sachs Group dropped their price target on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Finally, Barclays upped their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.16.

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.