SOL Capital Management CO Increases Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

SOL Capital Management CO lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 31.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 198,654 shares of the electric vehicle automaker's stock after acquiring an additional 47,025 shares during the quarter. SOL Capital Management CO's holdings in Rivian Automotive were worth $2,473,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of RIVN. Dimension Capital Management LLC increased its holdings in Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares during the period. Tradition Wealth Management LLC increased its stake in shares of Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after buying an additional 849 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Rivian Automotive by 1.5% during the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after buying an additional 867 shares during the period. Oppenheimer & Co. Inc. increased its stake in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after buying an additional 1,160 shares during the period. Finally, Freestone Capital Holdings LLC increased its stake in shares of Rivian Automotive by 4.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock valued at $390,000 after buying an additional 1,164 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

Shares of RIVN traded down $0.31 during trading hours on Friday, reaching $13.60. 27,432,159 shares of the company traded hands, compared to its average volume of 34,222,944. The stock has a market capitalization of $15.38 billion, a P/E ratio of -3.66 and a beta of 1.86. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $18.86. The business has a fifty day moving average price of $14.09 and a 200-day moving average price of $13.17.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned ($1.48) EPS. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer now directly owns 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 312,836 shares of company stock worth $4,357,459 over the last quarter. Insiders own 2.16% of the company's stock.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of research reports. Wall Street Zen raised shares of Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. Robert W. Baird cut their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. 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. Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a report on Wednesday, May 14th. Finally, Wedbush cut their price target on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.33.

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.