Independent Financial Group LLC Makes New $985,000 Investment in Rivian Automotive, Inc. $RIVN

Key Points

• Independent Financial Group LLC opened a new position in Rivian Automotive during the first quarter, buying 65,429 shares valued at about $985,000.
• Institutional interest in Rivian remains significant, with hedge funds and other investors owning 66.25% of the company’s stock. Several firms, including Wealthfront Advisers and J. Safra Sarasin Holding AG, also increased their stakes recently.
• Rivian reported quarterly EPS of -$0.55, beating estimates, and revenue of $1.38 billion, slightly above expectations. Analysts currently have a consensus rating of Hold with an average price target of $18.86.

Independent Financial Group LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 65,429 shares of the electric vehicle automaker's stock, valued at approximately $985,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wealthfront Advisers LLC boosted its position in Rivian Automotive by 4.8% during the first quarter. Wealthfront Advisers LLC now owns 319,857 shares of the electric vehicle automaker's stock worth $4,814,000 after purchasing an additional 14,754 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Rivian Automotive by 11.6% in the first quarter. Illinois Municipal Retirement Fund now owns 48,298 shares of the electric vehicle automaker's stock valued at $727,000 after buying an additional 5,016 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Rivian Automotive by 30.6% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,142 shares of the electric vehicle automaker's stock worth $153,000 after buying an additional 2,374 shares during the period. Bleakley Financial Group LLC raised its stake in shares of Rivian Automotive by 8.5% during the 1st quarter. Bleakley Financial Group LLC now owns 26,850 shares of the electric vehicle automaker's stock worth $404,000 after buying an additional 2,093 shares during the period. Finally, J. Safra Sarasin Holding AG lifted its position in shares of Rivian Automotive by 250.8% during the 1st quarter. J. Safra Sarasin Holding AG now owns 76,982 shares of the electric vehicle automaker's stock valued at $1,158,000 after buying an additional 55,035 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer owned 946,814 shares in the company, valued at approximately $17,042,652. The trade was a 1.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 78,630 shares of company stock worth $1,309,504 in the last ninety days. Insiders own 1.48% of the company's stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $17.24 on Tuesday. The company has a market cap of $23.47 billion, a P/E ratio of -5.90 and a beta of 1.60. Rivian Automotive, Inc. has a twelve month low of $11.57 and a twelve month high of $22.69. The company's 50-day moving average price is $16.10 and its 200-day moving average price is $16.06. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.05. The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. Rivian Automotive's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.48) EPS. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of research analyst reports. TD Cowen reissued a "buy" rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Weiss Ratings upgraded shares of Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 6th. Tigress Financial reiterated a "buy" rating and issued a $25.00 target price on shares of Rivian Automotive in a research report on Friday, April 10th. Cantor Fitzgerald reissued a "neutral" rating on shares of Rivian Automotive in a research note on Monday, June 15th. Finally, UBS Group upped their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $18.86.

Rivian Automotive Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.