Wealthfront Advisers LLC Buys 26,669 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Wealthfront Advisers LLC boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 8.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 358,879 shares of the electric vehicle automaker's stock after purchasing an additional 26,669 shares during the quarter. Wealthfront Advisers LLC's holdings in Rivian Automotive were worth $4,468,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in RIVN. PFS Partners LLC raised its position in shares of Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares during the period. Orion Capital Management LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $34,000. Olde Wealth Management LLC acquired a new stake in Rivian Automotive during the 1st quarter valued at $37,000. Quarry LP acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at $38,000. Finally, AllSquare Wealth Management LLC boosted its position in shares of 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 worth $40,000 after purchasing an additional 2,990 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Price Performance

Rivian Automotive stock remained flat at $13.70 during midday trading on Monday. The company had a trading volume of 35,479,310 shares, compared to its average volume of 26,596,418. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.56. The company's fifty day moving average is $14.12 and its two-hundred day moving average is $13.09. 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 (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $981.52 million. During the same period in the prior year, the company posted ($1.48) EPS. The company's revenue was up 3.0% compared to the same quarter last year. On average, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. Wells Fargo & Company lowered their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Piper Sandler increased their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Robert W. Baird decreased their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and a consensus target price of $14.38.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction on Monday, May 19th. The stock was 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 directly owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 205,694 shares of company stock valued at $3,144,612. Company insiders own 2.16% of the company's stock.

Rivian Automotive 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.