Charles Schwab Investment Management Inc. Boosts Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,741,001 shares of the electric vehicle automaker's stock after acquiring an additional 133,781 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.46% of Rivian Automotive worth $63,055,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. John G Ullman & Associates Inc. increased its holdings in shares of Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock valued at $135,000 after acquiring an additional 1,000 shares in the last quarter. RFG Holdings Inc. increased its holdings in Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after buying an additional 1,096 shares during the period. Oppenheimer & Co. Inc. increased its holdings in Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after buying an additional 1,160 shares during the period. Tradition Wealth Management LLC increased its holdings in Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker's stock worth $132,000 after buying an additional 1,250 shares during the period. Finally, World Investment Advisors LLC increased its holdings in Rivian Automotive by 8.6% in the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock worth $204,000 after buying an additional 1,446 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Trading Up 1.3 %

Rivian Automotive stock traded up $0.14 during midday trading on Friday, reaching $10.75. 19,839,061 shares of the stock traded hands, compared to its average volume of 37,050,339. The company has a 50-day simple moving average of $12.74 and a two-hundred day simple moving average of $12.26. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86. The firm has a market cap of $12.16 billion, a PE ratio of -2.28 and a beta of 2.03. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

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

Analysts Set New Price Targets

RIVN has been the topic of several research reports. Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price target for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective for the company. Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Cantor Fitzgerald downgraded Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Finally, Guggenheim reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, February 24th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average target price of $14.73.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares of the company's stock, valued at $5,278,500. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 203,928 shares of company stock worth $3,013,134 in the last three months. 2.51% of the stock is owned by company insiders.

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.