22,005 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Bought by Mmbg Investment Advisors CO.

Mmbg Investment Advisors CO. acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,005 shares of the electric vehicle automaker's stock, valued at approximately $274,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RIVN. Capital International Investors acquired a new position in Rivian Automotive during the fourth quarter worth $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at $123,308,000. Northern Trust Corp lifted its position in shares of Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $29,944,000. Finally, Groupama Asset Managment purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $26,600,000. Institutional investors and hedge funds own 66.25% of the company's stock.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent analyst reports. Cowen initiated coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They set a "hold" rating on the stock. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Cantor Fitzgerald reiterated a "neutral" rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Guggenheim reiterated a "buy" rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Tuesday, May 6th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a report on Wednesday, May 14th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Stock Down 2.2%

RIVN stock opened at $13.60 on Friday. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $18.86. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $15.38 billion, a P/E ratio of -3.66 and a beta of 1.86. The firm has a 50 day simple moving average of $14.09 and a 200-day simple moving average of $13.17.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same quarter last year, the company earned ($1.48) earnings per share. The business's quarterly revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $11.46, for a total transaction of $409,270.98. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $9,775,506.06. This trade represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer now directly owns 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 312,836 shares of company stock valued at $4,357,459. 2.16% of the stock is currently owned by corporate 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.

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