36,628 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Purchased by Proficio Capital Partners LLC

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

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock worth $145,550,000 after buying an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after acquiring an additional 133,781 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Rivian Automotive by 17.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 589,382 shares of the electric vehicle automaker's stock valued at $6,613,000 after purchasing an additional 86,433 shares during the period. Swedbank AB increased its holdings in shares of Rivian Automotive by 5.6% in the 4th quarter. Swedbank AB now owns 502,644 shares of the electric vehicle automaker's stock valued at $6,685,000 after acquiring an additional 26,474 shares during the period. Finally, Alberta Investment Management Corp bought a new position in Rivian Automotive in the fourth quarter worth about $6,648,000. Institutional investors own 66.25% of the company's stock.

Remove Ads

Rivian Automotive Price Performance

Shares of NASDAQ RIVN traded up $0.17 during mid-day trading on Tuesday, hitting $12.36. 22,065,893 shares of the stock traded hands, compared to its average volume of 36,980,596. The firm has a 50 day simple moving average of $12.38 and a two-hundred day simple moving average of $12.15. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The company has a market cap of $13.98 billion, a PE ratio of -2.62 and a beta of 2.03.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on RIVN. Cantor Fitzgerald cut Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Mizuho lowered their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Piper Sandler downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Finally, Sanford C. Bernstein started coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $14.38.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was 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 owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,998 shares of company stock valued at $1,744,184 in the last three months. 2.51% of the stock is currently owned by insiders.

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.