Independent Advisor Alliance Raises Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Independent Advisor Alliance lifted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 12.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,379 shares of the electric vehicle automaker’s stock after buying an additional 1,160 shares during the period. Independent Advisor Alliance’s holdings in Rivian Automotive were worth $243,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of RIVN. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $26,000. Ancora Advisors LLC purchased a new position in Rivian Automotive in the 3rd quarter valued at approximately $27,000. Principal Securities Inc. purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $33,000. Arlington Trust Co LLC purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $35,000. Finally, Parkside Financial Bank & Trust increased its stake in Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after purchasing an additional 784 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other 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 directly owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on RIVN shares. DA Davidson lowered their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Cantor Fitzgerald lowered their target price on Rivian Automotive from $23.00 to $15.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Mizuho lowered their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a report on Tuesday, April 16th. Finally, Bank of America decreased their price objective on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Rivian Automotive Stock Up 6.5 %

Shares of Rivian Automotive stock opened at $10.70 on Thursday. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $10.08 and a 200 day moving average price of $14.56. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The firm has a market cap of $10.65 billion, a P/E ratio of -1.85 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

About Rivian Automotive

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.