Baker Avenue Asset Management LP Buys 29,253 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Baker Avenue Asset Management LP boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 11.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 292,966 shares of the electric vehicle automaker's stock after purchasing an additional 29,253 shares during the quarter. Baker Avenue Asset Management LP's holdings in Rivian Automotive were worth $3,896,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the 3rd quarter valued at about $28,000. Bear Mountain Capital Inc. increased its stake in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after purchasing an additional 1,932 shares in the last quarter. Finally, Quarry LP purchased a new position in Rivian Automotive during the fourth quarter worth $38,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent analyst reports. Truist Financial increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Barclays increased their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Wells Fargo & Company boosted 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. UBS Group dropped their price objective on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Mizuho decreased their price target on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $14.08.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,154,905 over the last quarter. 2.51% of the stock is owned by company insiders.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN traded down $0.05 during midday trading on Tuesday, hitting $13.50. 35,549,244 shares of the company's stock were exchanged, compared to its average volume of 36,405,757. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $15.26 billion, a PE ratio of -2.86 and a beta of 1.86. Rivian Automotive, Inc. has a 12 month low of $9.25 and a 12 month high of $18.86. The company's 50 day moving average price is $11.86 and its 200 day moving average price is $12.28.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.