M Holdings Securities Inc. Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

M Holdings Securities Inc. acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,745 shares of the electric vehicle automaker’s stock, valued at approximately $222,000.

Several other institutional investors have also recently bought and sold shares of RIVN. Nomura Asset Management Co. Ltd. raised its holdings in shares of Rivian Automotive by 89.7% in the third quarter. Nomura Asset Management Co. Ltd. now owns 70,300 shares of the electric vehicle automaker’s stock valued at $2,314,000 after purchasing an additional 33,240 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Rivian Automotive by 442.6% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 162,851 shares of the electric vehicle automaker’s stock valued at $5,359,000 after purchasing an additional 132,838 shares during the last quarter. Eaton Vance Management purchased a new stake in shares of Rivian Automotive in the third quarter valued at about $2,942,000. Allstate Corp purchased a new stake in shares of Rivian Automotive in the third quarter valued at about $412,000. Finally, Victory Capital Management Inc. grew its position in Rivian Automotive by 77.9% during the third quarter. Victory Capital Management Inc. now owns 295,582 shares of the electric vehicle automaker’s stock valued at $9,728,000 after buying an additional 129,395 shares during the period. Institutional investors and hedge funds own 67.97% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent analyst reports. Bank of America initiated coverage on shares of Rivian Automotive in a report on Friday, March 10th. They issued a “buy” rating and a $40.00 price target on the stock. DA Davidson decreased their price target on shares of Rivian Automotive from $23.00 to $16.00 in a research note on Wednesday, March 1st. Royal Bank of Canada cut their target price on shares of Rivian Automotive from $50.00 to $28.00 and set an “outperform” rating on the stock in a report on Wednesday, March 1st. Evercore ISI cut their target price on shares of Rivian Automotive from $35.00 to $25.00 in a report on Monday, March 6th. Finally, Wells Fargo & Company cut their price target on shares of Rivian Automotive from $32.00 to $18.00 and set an “equal weight” rating on the stock in a report on Friday, February 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.62.

Insiders Place Their Bets

In other Rivian Automotive news, CAO Jeff Baker sold 2,331 shares of the business’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the transaction, the chief accounting officer now owns 87,000 shares of the company’s stock, valued at approximately $1,651,260. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Rivian Automotive news, CAO Jeff Baker sold 2,331 shares of the business’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the transaction, the chief accounting officer now owns 87,000 shares of the company’s stock, valued at approximately $1,651,260. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 2,090 shares of the business’s stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $18.99, for a total value of $39,689.10. Following the sale, the chief financial officer now owns 75,804 shares of the company’s stock, valued at $1,439,517.96. The disclosure for this sale can be found here. 2.34% of the stock is owned by insiders.

Rivian Automotive Price Performance

RIVN opened at $13.03 on Thursday. The stock has a 50-day moving average price of $17.69 and a 200-day moving average price of $25.98. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.42 and a quick ratio of 4.86. The firm has a market cap of $12.00 billion, a PE ratio of -1.76 and a beta of 1.83. Rivian Automotive, Inc. has a 1 year low of $12.80 and a 1 year high of $56.76.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The electric vehicle automaker reported ($1.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.89) by $0.16. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. The firm had revenue of $663.00 million during the quarter, compared to analyst estimates of $729.47 million. During the same quarter in the previous year, the firm earned ($2.43) EPS. Rivian Automotive’s quarterly revenue was up 1127.8% compared to the same quarter last year. Sell-side analysts predict that Rivian Automotive, Inc. will post -5.46 earnings per share for the current fiscal year.

Rivian Automotive Company Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.