Rivian Automotive, Inc. (NASDAQ:RIVN) Holdings Lifted by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 104.0% in the 4th quarter, Holdings Channel reports. The fund owned 23,205 shares of the electric vehicle automaker’s stock after purchasing an additional 11,831 shares during the period. Avantax Advisory Services Inc.’s holdings in Rivian Automotive were worth $309,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RIVN. Great Lakes Advisors LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $4,929,000. Sequoia Financial Advisors LLC lifted its position in Rivian Automotive by 49.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 14,988 shares of the electric vehicle automaker’s stock worth $199,000 after buying an additional 4,983 shares in the last quarter. Clare Market Investments LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $287,000. AMF Tjanstepension AB purchased a new position in shares of Rivian Automotive during the 4th quarter valued at $3,999,000. Finally, Edgestream Partners L.P. acquired a new position in shares of Rivian Automotive in the fourth quarter worth $3,719,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Robert W. Baird reiterated a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Wells Fargo & Company increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Mizuho cut their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Finally, Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $14.38.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,998 shares of company stock worth $1,744,184 in the last 90 days. 2.51% of the stock is owned by company insiders.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $12.36 on Wednesday. The firm has a market capitalization of $13.98 billion, a PE ratio of -2.62 and a beta of 2.03. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The business’s 50 day moving average is $12.36 and its 200-day moving average is $12.14. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current 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.