Proficio Capital Partners LLC Invests $487,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

Proficio Capital Partners LLC acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 36,628 shares of the electric vehicle automaker's stock, valued at approximately $487,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RIVN. John G Ullman & Associates Inc. lifted its holdings in shares of Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. RFG Holdings Inc. grew its holdings in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock valued at $296,000 after buying an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after acquiring an additional 1,160 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker's stock worth $132,000 after acquiring an additional 1,250 shares during the last quarter. Finally, World Investment Advisors LLC lifted its position in Rivian Automotive by 8.6% in the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock valued at $204,000 after acquiring an additional 1,446 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

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Rivian Automotive Price Performance

Shares of NASDAQ RIVN traded up $0.31 during mid-day trading on Wednesday, reaching $11.10. 5,565,013 shares of the company were exchanged, compared to its average volume of 37,255,054. The stock has a market capitalization of $12.55 billion, a PE ratio of -2.35 and a beta of 2.03. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The company's 50 day moving average price is $12.96 and its 200 day moving average price is $12.32.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on RIVN shares. Guggenheim lowered their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, February 24th. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price target for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Wells Fargo & Company lifted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price for the company. Finally, Truist Financial boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $14.73.

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.