Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Bought by Private Advisor Group LLC

Private Advisor Group LLC grew its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 257.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 232,174 shares of the electric vehicle automaker's stock after buying an additional 167,304 shares during the period. Private Advisor Group LLC's holdings in Rivian Automotive were worth $2,891,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in RIVN. Diversify Advisory Services LLC increased its stake in shares of Rivian Automotive by 2.6% during the first quarter. Diversify Advisory Services LLC now owns 40,585 shares of the electric vehicle automaker's stock valued at $540,000 after purchasing an additional 1,032 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in shares of Rivian Automotive during the first quarter valued at approximately $2,092,000. Independent Wealth Network Inc. bought a new position in shares of Rivian Automotive during the first quarter valued at approximately $142,000. Forum Financial Management LP raised its holdings in Rivian Automotive by 83.3% in the first quarter. Forum Financial Management LP now owns 37,169 shares of the electric vehicle automaker's stock worth $463,000 after buying an additional 16,888 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock worth $131,000 after buying an additional 722 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of the business'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 transaction, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,617,442.75. This represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 205,694 shares of company stock worth $3,144,612. Company insiders own 2.16% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on RIVN shares. Mizuho upped their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Jefferies Financial Group reiterated a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 14th. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Piper Sandler boosted their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Finally, Wedbush cut their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Stock Performance

RIVN traded up $0.19 during trading on Friday, reaching $14.01. 51,061,426 shares of the company's stock were exchanged, compared to its average volume of 32,335,986. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $17.15. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The stock has a market capitalization of $15.84 billion, a P/E ratio of -3.77 and a beta of 1.81. The company's fifty day simple moving average is $14.04 and its 200-day simple moving average is $13.07.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The company's revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.48) earnings per share. As a group, research 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.