Raymond James Financial Inc. Makes New $9.43 Million Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Raymond James Financial Inc. bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 709,170 shares of the electric vehicle automaker's stock, valued at approximately $9,432,000. Raymond James Financial Inc. owned approximately 0.07% of Rivian Automotive at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Oppenheimer & Co. Inc. grew its stake in Rivian Automotive by 59.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker's stock valued at $286,000 after purchasing an additional 9,441 shares in the last quarter. Empowered Funds LLC grew its position in shares of Rivian Automotive by 59.1% during the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker's stock worth $207,000 after buying an additional 6,860 shares in the last quarter. Swiss National Bank grew its position in shares of Rivian Automotive by 2.1% during the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker's stock worth $24,665,000 after buying an additional 45,200 shares in the last quarter. Quest Partners LLC increased its stake in shares of Rivian Automotive by 109.0% in the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker's stock worth $156,000 after buying an additional 7,273 shares during the last quarter. Finally, Pathstone Holdings LLC raised its holdings in Rivian Automotive by 8.4% in the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker's stock valued at $1,327,000 after acquiring an additional 9,187 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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Rivian Automotive Stock Performance

Shares of NASDAQ RIVN traded up $0.17 during midday trading on Tuesday, reaching $12.36. 22,047,828 shares of the company traded hands, compared to its average volume of 36,980,596. The company has a market cap of $13.98 billion, a price-to-earnings ratio of -2.62 and a beta of 2.03. The stock has a 50-day moving average price of $12.38 and a 200 day moving average price of $12.15. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. 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 (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on RIVN. Robert W. Baird reissued a "neutral" rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Piper Sandler downgraded Rivian Automotive from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Mizuho cut their price objective on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Wells Fargo & Company lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, February 21st. Finally, Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and upped their price target for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and an average price target of $14.38.

Insider Buying and Selling

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

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.