Focus Partners Wealth Acquires 23,553 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Focus Partners Wealth grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 88.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,037 shares of the electric vehicle automaker's stock after acquiring an additional 23,553 shares during the quarter. Focus Partners Wealth's holdings in Rivian Automotive were worth $680,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Tandem Financial LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive in the 4th quarter valued at about $27,000. Bear Mountain Capital Inc. raised its holdings in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after buying an additional 1,932 shares during the period. Quarry LP purchased a new stake in Rivian Automotive in the 4th quarter valued at about $38,000. Finally, AllSquare Wealth Management LLC raised its holdings in Rivian Automotive by 8,794.1% in the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock valued at $40,000 after buying an additional 2,990 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Price Performance

Shares of RIVN stock traded up $0.63 on Tuesday, hitting $16.92. 63,653,076 shares of the company's stock were exchanged, compared to its average volume of 36,288,402. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market cap of $19.13 billion, a P/E ratio of -3.58 and a beta of 1.86. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $18.86. The company has a 50 day moving average of $12.62 and a 200 day moving average of $12.60.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of the 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 completion of the sale, the chief executive officer now owns 1,483,111 shares in the company, valued at approximately $22,617,442.75. This trade represents a 6.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 391,121 shares of company stock valued at $5,299,517 in the last 90 days. Insiders own 2.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RIVN. Needham & Company LLC lowered their price objective on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wedbush cut their price target on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Robert W. Baird dropped their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 14th. Finally, Mizuho boosted their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $14.24.

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.