Raymond James Financial Services Advisors Inc. Trims Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Raymond James Financial Services Advisors Inc. lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) by 3.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 122,720 shares of the electric vehicle automaker’s stock after selling 4,131 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Rivian Automotive were worth $2,262,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in RIVN. BlackRock Inc. lifted its holdings in shares of Rivian Automotive by 44.7% during the 3rd quarter. BlackRock Inc. now owns 46,561,674 shares of the electric vehicle automaker’s stock valued at $1,532,346,000 after buying an additional 14,384,763 shares during the period. Vanguard Group Inc. lifted its stake in Rivian Automotive by 46.4% in the third quarter. Vanguard Group Inc. now owns 36,236,702 shares of the electric vehicle automaker’s stock worth $1,192,551,000 after purchasing an additional 11,483,566 shares during the last quarter. First Trust Advisors LP lifted its stake in Rivian Automotive by 1,650.2% in the third quarter. First Trust Advisors LP now owns 5,862,841 shares of the electric vehicle automaker’s stock worth $192,946,000 after purchasing an additional 5,527,857 shares during the last quarter. State Street Corp lifted its stake in Rivian Automotive by 145.5% in the third quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock worth $298,304,000 after purchasing an additional 5,371,852 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Rivian Automotive by 218.7% during the third quarter. Bank of New York Mellon Corp now owns 1,841,340 shares of the electric vehicle automaker’s stock valued at $60,598,000 after acquiring an additional 1,263,501 shares in the last quarter. Hedge funds and other institutional investors own 67.97% of the company’s stock.

Rivian Automotive Stock Down 0.2 %

Shares of RIVN opened at $14.20 on Wednesday. Rivian Automotive, Inc. has a 1-year low of $11.68 and a 1-year high of $40.86. The company has a debt-to-equity ratio of 0.21, a current ratio of 5.88 and a quick ratio of 5.08. The firm has a fifty day moving average price of $13.55 and a 200 day moving average price of $18.90.

Rivian Automotive (NASDAQ:RIVNGet Rating) last posted its quarterly earnings data on Tuesday, May 9th. The electric vehicle automaker reported ($1.25) EPS for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.26. The company had revenue of $661.00 million for the quarter, compared to analyst estimates of $661.97 million. Rivian Automotive had a negative net margin of 292.63% and a negative return on equity of 40.23%. Rivian Automotive’s quarterly revenue was up 595.8% on a year-over-year basis. During the same period in the previous year, the business posted ($1.43) earnings per share. Research analysts anticipate that Rivian Automotive, Inc. will post -5.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIVN. Bank of America began coverage on Rivian Automotive in a research report on Friday, March 10th. They set a “buy” rating and a $40.00 price target on the stock. Royal Bank of Canada lowered shares of Rivian Automotive from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $28.00 to $14.00 in a research note on Tuesday, April 18th. Wells Fargo & Company decreased 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 research note on Friday, February 24th. Robert W. Baird cut their price objective on shares of Rivian Automotive from $44.00 to $35.00 and set an “outperform” rating for the company in a report on Wednesday, March 1st. Finally, Wedbush cut their price target on shares of Rivian Automotive from $37.00 to $25.00 in a report on Wednesday, March 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Rivian Automotive has an average rating of “Moderate Buy” and a consensus price target of $27.74.

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.

Further Reading

Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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