Cerity Partners LLC Invests $333,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

Cerity Partners LLC bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 14,194 shares of the electric vehicle automaker’s stock, valued at approximately $333,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RIVN. Capital Square LLC purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $213,000. Sequoia Financial Advisors LLC lifted its holdings in Rivian Automotive by 11.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,640 shares of the electric vehicle automaker’s stock valued at $226,000 after purchasing an additional 961 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Rivian Automotive by 1,944.2% in the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock worth $3,291,000 after purchasing an additional 133,428 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Rivian Automotive by 0.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 143,510 shares of the electric vehicle automaker’s stock worth $3,367,000 after purchasing an additional 1,110 shares in the last quarter. Finally, Arlington Trust Co LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at $35,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction 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 sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 over the last 90 days. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Stifel Nicolaus cut their target price on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price on the stock in a research note on Tuesday, April 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price target on shares of Rivian Automotive in a research note on Wednesday, April 3rd. Finally, DA Davidson reduced their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $9.04 on Friday. The business’s 50 day moving average price is $10.98 and its 200-day moving average price is $15.60. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a market cap of $8.84 billion, a P/E ratio of -1.57 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Sell-side analysts predict that Rivian Automotive, Inc. will post -4.76 earnings per share for the current 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.