Rivian Automotive, Inc. $RIVN Shares Acquired by Kestra Advisory Services LLC

Kestra Advisory Services LLC boosted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 41.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 108,360 shares of the electric vehicle automaker’s stock after buying an additional 31,837 shares during the period. Kestra Advisory Services LLC’s holdings in Rivian Automotive were worth $1,631,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at about $27,000. SOA Wealth Advisors LLC. grew its stake in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 852 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Up 3.0%

NASDAQ RIVN opened at $17.76 on Wednesday. Rivian Automotive, Inc. has a twelve month low of $11.57 and a twelve month high of $22.69. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock has a market cap of $24.17 billion, a price-to-earnings ratio of -6.08 and a beta of 1.60. The firm’s 50 day moving average price is $16.18 and its two-hundred day moving average price is $16.04.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.48) earnings per share. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.06 EPS for the current year.

Analysts Set New Price Targets

RIVN has been the subject of a number of research reports. DA Davidson raised their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Jefferies Financial Group upped their price target on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. UBS Group increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a research note on Monday, June 15th. Finally, TD Cowen restated a “buy” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, June 3rd. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.86.

Insider Activity

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 68,385 shares of company stock worth $1,125,094. 1.48% of the stock is owned by corporate insiders.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.