Spire Wealth Management Buys 62,636 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Spire Wealth Management increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 796.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,499 shares of the electric vehicle automaker’s stock after purchasing an additional 62,636 shares during the quarter. Spire Wealth Management’s holdings in Rivian Automotive were worth $1,175,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RIVN. Salem Investment Counselors Inc. grew its holdings in shares of Rivian Automotive by 1,329.5% in the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 585 shares in the last quarter. Resurgent Financial Advisors LLC bought a new position in Rivian Automotive in the 4th quarter valued at $30,000. EverSource Wealth Advisors LLC increased its position in shares of Rivian Automotive by 118.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,626 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 883 shares during the last quarter. Manchester Capital Management LLC raised its stake in shares of Rivian Automotive by 89.3% during the 1st quarter. Manchester Capital Management LLC now owns 1,687 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 796 shares during the period. Finally, Ronald Blue Trust Inc. boosted its stake in Rivian Automotive by 99.4% in the second quarter. Ronald Blue Trust Inc. now owns 1,745 shares of the electric vehicle automaker’s stock valued at $27,000 after acquiring an additional 870 shares during the last quarter. 62.79% of the stock is owned by institutional investors.

Rivian Automotive Price Performance

RIVN stock opened at $17.24 on Thursday. The firm has a market cap of $16.35 billion, a P/E ratio of -2.86 and a beta of 2.05. The firm’s fifty day moving average is $19.67 and its 200 day moving average is $19.21. Rivian Automotive, Inc. has a 52 week low of $11.68 and a 52 week high of $34.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.64 and a current ratio of 4.61.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.17. Rivian Automotive had a negative return on equity of 42.17% and a negative net margin of 148.97%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned ($1.57) earnings per share. The company’s revenue for the quarter was up 149.4% compared to the same quarter last year. Research analysts predict that Rivian Automotive, Inc. will post -5.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

RIVN has been the subject of several recent research reports. Evercore ISI raised Rivian Automotive from an “in-line” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Monday, October 2nd. Cantor Fitzgerald lowered their target price on shares of Rivian Automotive from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Wednesday, November 8th. UBS Group raised Rivian Automotive from a “neutral” rating to a “buy” rating and cut their price target for the stock from $26.00 to $24.00 in a report on Tuesday, October 10th. Wells Fargo & Company decreased their price objective on Rivian Automotive from $24.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 8th. Finally, The Goldman Sachs Group lifted their target price on Rivian Automotive from $18.00 to $23.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Moderate Buy” and an average price target of $28.95.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,265 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $24.24, for a total transaction of $79,143.60. Following the completion of the sale, the chief financial officer now directly owns 173,030 shares in the company, valued at $4,194,247.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Rivian Automotive Company Profile

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