Janney Montgomery Scott LLC Grows Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Janney Montgomery Scott LLC boosted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 50.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,308 shares of the electric vehicle automaker's stock after acquiring an additional 30,088 shares during the quarter. Janney Montgomery Scott LLC's holdings in Rivian Automotive were worth $1,124,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares during the period. Capital International Investors acquired a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Soma Equity Partners LP raised its position in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

Shares of RIVN opened at $13.60 on Friday. The firm has a market capitalization of $15.38 billion, a price-to-earnings ratio of -3.66 and a beta of 1.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $18.86. The stock's fifty day moving average is $14.09 and its 200-day moving average is $13.17.

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

Insider Activity

In related news, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer now owns 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $9,596,373.75. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 312,836 shares of company stock valued at $4,357,459. Company insiders own 2.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RIVN shares. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Robert W. Baird cut their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC cut their target price on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Wedbush cut their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, Benchmark reissued a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $14.38.

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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