Van ECK Associates Corp Raises Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Van ECK Associates Corp raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 236,275 shares of the electric vehicle automaker’s stock after buying an additional 3,597 shares during the period. Van ECK Associates Corp’s holdings in Rivian Automotive were worth $5,543,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RIVN. Commonwealth Equity Services LLC grew its position in shares of Rivian Automotive by 18.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker’s stock worth $5,242,000 after buying an additional 34,044 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Rivian Automotive by 2.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 101,040 shares of the electric vehicle automaker’s stock valued at $2,453,000 after acquiring an additional 2,724 shares in the last quarter. Xponance Inc. increased its position in Rivian Automotive by 30.5% during the 3rd quarter. Xponance Inc. now owns 24,084 shares of the electric vehicle automaker’s stock valued at $585,000 after purchasing an additional 5,622 shares during the period. Raymond James & Associates raised its holdings in Rivian Automotive by 1.2% in the 3rd quarter. Raymond James & Associates now owns 239,852 shares of the electric vehicle automaker’s stock worth $5,824,000 after purchasing an additional 2,947 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of Rivian Automotive by 22.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 271,029 shares of the electric vehicle automaker’s stock worth $6,581,000 after purchasing an additional 49,373 shares during the period. Institutional investors own 66.25% of the company’s stock.

Insider Activity

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were 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 directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 over the last three months. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RIVN. Jefferies Financial Group began coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. UBS Group raised shares of 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. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Needham & Company LLC cut their target price on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Finally, Morgan Stanley cut their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.57.

Rivian Automotive Trading Up 2.4 %

Shares of NASDAQ RIVN opened at $10.07 on Friday. The firm’s 50 day moving average price is $10.40 and its 200-day moving average price is $15.15. The company has a market cap of $9.84 billion, a PE ratio of -1.75 and a beta of 1.91. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $28.06. 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 released its quarterly earnings data 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 firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, equities research analysts expect that Rivian Automotive, Inc. will post -4.77 EPS for the current fiscal year.

Rivian Automotive Company Profile

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.