Van ECK Associates Corp Grows Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Van ECK Associates Corp lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 4.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 389,971 shares of the electric vehicle automaker's stock after buying an additional 17,878 shares during the quarter. Van ECK Associates Corp's holdings in Rivian Automotive were worth $5,187,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RIVN. Creative Planning lifted its holdings in shares of Rivian Automotive by 6.7% in the third quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker's stock worth $1,298,000 after buying an additional 7,236 shares in the last quarter. Bleakley Financial Group LLC purchased a new position in shares of Rivian Automotive in the third quarter worth $310,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Rivian Automotive by 55.7% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 73,764 shares of the electric vehicle automaker's stock worth $828,000 after buying an additional 26,374 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Rivian Automotive by 40.3% in the third quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker's stock worth $51,000 after buying an additional 1,301 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in Rivian Automotive in the third quarter worth $112,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Robert W. Baird restated a "neutral" rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Piper Sandler reduced their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Friday, November 8th. Truist Financial boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. UBS Group boosted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Finally, Needham & Company LLC boosted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $15.50.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,334 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the company's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares of the company's stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,788 shares of company stock valued at $5,024,431 over the last three months. 2.51% of the stock is owned by company insiders.

Rivian Automotive Trading Down 4.7 %

Shares of NASDAQ RIVN traded down $0.64 during mid-day trading on Friday, reaching $12.97. The company had a trading volume of 70,315,891 shares, compared to its average volume of 24,614,404. The business's 50-day moving average is $13.56 and its 200-day moving average is $12.51. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market cap of $13.24 billion, a price-to-earnings ratio of -2.75 and a beta of 2.04. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.85.

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

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.