Fortitude Family Office LLC Makes New $41,000 Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Fortitude Family Office LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,727 shares of the electric vehicle automaker’s stock, valued at approximately $41,000.

A number of other hedge funds have also recently added to or reduced their stakes in RIVN. Sunbelt Securities Inc. raised its holdings in shares of Rivian Automotive by 195.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 975 shares during the period. Ancora Advisors LLC purchased a new position in shares of Rivian Automotive in the 3rd quarter worth about $27,000. MCF Advisors LLC raised its holdings in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after purchasing an additional 1,000 shares during the period. Resurgent Financial Advisors LLC purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $30,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 1,245 shares during the period. 62.79% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 3.3 %

Shares of RIVN opened at $10.80 on Friday. The stock has a 50 day moving average of $13.91 and a 200-day moving average of $17.74. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. Rivian Automotive, Inc. has a 52 week low of $10.05 and a 52 week high of $28.06.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.79 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of research reports. DA Davidson cut their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Evercore ISI dropped their target price on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. UBS Group reiterated a “sell” rating and set a $8.00 target price (down from $24.00) on shares of Rivian Automotive in a report on Friday, February 23rd. Barclays dropped their target price on Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating on the stock in a report on Monday, February 26th. Finally, Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their target price for the company from $15.00 to $21.00 in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $20.78.

Get Our Latest Stock Analysis on RIVN

Rivian Automotive Profile

(Free Report)

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.

Further Reading

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

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