IPG Investment Advisors LLC Buys 33,470 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

IPG Investment Advisors LLC raised its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 183.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,746 shares of the electric vehicle automaker's stock after buying an additional 33,470 shares during the quarter. IPG Investment Advisors LLC's holdings in Rivian Automotive were worth $688,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of RIVN. Tandem Financial LLC bought a new position in Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at approximately $28,000. Hantz Financial Services Inc. raised its holdings in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock worth $34,000 after buying an additional 2,900 shares during the period. Finally, Bear Mountain Capital Inc. lifted its stake in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after buying an additional 1,932 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Needham & Company LLC boosted their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Cowen initiated coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They issued a "hold" rating on the stock. Robert W. Baird restated a "neutral" rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Finally, Cantor Fitzgerald downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $14.38.

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Rivian Automotive Price Performance

NASDAQ:RIVN traded up $0.83 during trading hours on Tuesday, reaching $13.28. 44,705,204 shares of the company were exchanged, compared to its average volume of 37,129,284. The company has a market capitalization of $15.02 billion, a P/E ratio of -2.81 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business has a 50 day moving average of $12.22 and a 200 day moving average of $12.11. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86.

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 for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.43 billion. Research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This represents a 7.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 over the last three months. Insiders own 2.51% of the company's stock.

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.