Strategic Financial Concepts LLC Acquires New Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Strategic Financial Concepts LLC purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 41,789 shares of the electric vehicle automaker's stock, valued at approximately $556,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Tandem Financial LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at $25,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. grew its stake in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC grew its stake in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock valued at $33,000 after acquiring an additional 2,111 shares during the period. Finally, Hantz Financial Services Inc. grew its stake in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after acquiring an additional 2,900 shares during the period. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Down 4.2 %

RIVN traded down $0.57 on Friday, hitting $13.04. The company had a trading volume of 58,251,877 shares, compared to its average volume of 34,251,285. The firm has a market cap of $13.31 billion, a P/E ratio of -2.33 and a beta of 2.04. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.85. The company's fifty day moving average price is $13.59 and its 200 day moving average price is $12.54. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities analysts expect that Rivian Automotive, Inc. will post -4.7 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on RIVN. Mizuho lifted their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday. Wells Fargo & Company lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday. Guggenheim lowered their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Stifel Nicolaus lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, November 11th. Finally, Barclays lifted their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $15.50.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company's 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 sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the company's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 366,788 shares of company stock valued at $5,024,431 over the last three months. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive 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.