Ethos Financial Group LLC Invests $311,000 in Rivian Automotive, Inc. $RIVN

Key Points

• Ethos Financial Group LLC has acquired a new stake in Rivian Automotive, purchasing 25,000 shares valued at approximately $311,000 in the first quarter.
• Rivian recently reported a quarterly loss of ($0.97) EPS, falling short of analysts' estimates, despite a revenue increase to $1.30 billion.
• Institutional investors and hedge funds now hold 66.25% of Rivian Automotive's stock, reflecting growing interest among large financial entities.

Ethos Financial Group LLC purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 25,000 shares of the electric vehicle automaker's stock, valued at approximately $311,000.

Several other large investors also recently added to or reduced their stakes in RIVN. Teacher Retirement System of Texas acquired a new stake in Rivian Automotive in the 1st quarter valued at approximately $1,382,000. Twinbeech Capital LP bought a new position in shares of Rivian Automotive during the 4th quarter worth about $29,944,000. Caisse Des Depots ET Consignations bought a new position in shares of Rivian Automotive during the 1st quarter worth about $2,807,000. Symmetry Investments LP bought a new position in shares of Rivian Automotive during the 4th quarter worth about $357,000. Finally, Mmbg Investment Advisors CO. bought a new position in Rivian Automotive during the first quarter worth about $274,000. 66.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RIVN shares. Stifel Nicolaus cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Friday, August 8th. Canaccord Genuity Group dropped their target price on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Jefferies Financial Group restated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $13.69.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded down $0.16 during mid-day trading on Tuesday, reaching $12.25. 48,665,049 shares of the stock were exchanged, compared to its average volume of 41,325,416. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15. The stock's 50 day simple moving average is $13.09 and its 200-day simple moving average is $12.94. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.Rivian Automotive's revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.46) earnings per share. On average, analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.