Wealthfront Advisers LLC Raises Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Wealthfront Advisers LLC raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 8.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 358,879 shares of the electric vehicle automaker's stock after buying an additional 26,669 shares during the quarter. Wealthfront Advisers LLC's holdings in Rivian Automotive were worth $4,468,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in RIVN. Brown Advisory Inc. boosted its holdings in shares of Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after acquiring an additional 772 shares during the period. Dimension Capital Management LLC raised its stake in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after purchasing an additional 819 shares in the last quarter. Tradition Wealth Management LLC grew its holdings 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 worth $168,000 after purchasing an additional 849 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Rivian Automotive by 1.5% in the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock worth $750,000 after purchasing an additional 867 shares during the period. Finally, Nissay Asset Management Corp Japan ADV grew its position in shares of Rivian Automotive by 1.4% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 91,300 shares of the electric vehicle automaker's stock worth $1,246,000 after buying an additional 1,265 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. The Goldman Sachs Group lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Wells Fargo & Company reduced their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Wedbush lowered their price target on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.38.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of the company's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,407 shares of company stock valued at $3,553,883 over the last quarter. 2.16% of the stock is owned by company insiders.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $12.90 on Friday. 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 52 week low of $9.50 and a 52 week high of $17.56. The company has a 50-day simple moving average of $14.13 and a 200 day simple moving average of $13.09. The company has a market capitalization of $14.59 billion, a price-to-earnings ratio of -3.47 and a beta of 1.81.

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

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