Wipfli Financial Advisors LLC acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,173 shares of the electric vehicle automaker’s stock, valued at approximately $104,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Capital Research Global Investors grew its holdings in Rivian Automotive by 20.7% in the 1st quarter. Capital Research Global Investors now owns 31,074,412 shares of the electric vehicle automaker’s stock worth $1,520,474,000 after buying an additional 5,318,672 shares in the last quarter. Vanguard Group Inc. grew its holdings in Rivian Automotive by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 9,777,340 shares of the electric vehicle automaker’s stock worth $491,214,000 after buying an additional 221,383 shares in the last quarter. Franklin Resources Inc. grew its holdings in Rivian Automotive by 11.0% in the 2nd quarter. Franklin Resources Inc. now owns 4,561,052 shares of the electric vehicle automaker’s stock worth $117,401,000 after buying an additional 450,676 shares in the last quarter. State Street Corp grew its holdings in Rivian Automotive by 12.4% in the 2nd quarter. State Street Corp now owns 3,692,397 shares of the electric vehicle automaker’s stock worth $95,042,000 after buying an additional 407,987 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its stake in Rivian Automotive by 52.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,939,756 shares of the electric vehicle automaker’s stock valued at $49,929,000 after purchasing an additional 670,295 shares in the last quarter. 67.97% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on RIVN shares. The Goldman Sachs Group decreased their price target on Rivian Automotive from $41.00 to $19.00 in a research note on Tuesday. Canaccord Genuity Group decreased their price target on Rivian Automotive from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, November 10th. Royal Bank of Canada decreased their price target on Rivian Automotive from $61.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, November 10th. Wells Fargo & Company decreased their price target on Rivian Automotive from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, November 10th. Finally, Evercore ISI initiated coverage on Rivian Automotive in a research note on Tuesday, November 29th. They set an “in-line” rating and a $35.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of 43.38.
Insiders Place Their Bets
Rivian Automotive Price Performance
Shares of NASDAQ:RIVN opened at 16.45 on Wednesday. The company has a current ratio of 6.84, a quick ratio of 6.39 and a debt-to-equity ratio of 0.08. Rivian Automotive, Inc. has a 1 year low of 15.84 and a 1 year high of 88.07. The business has a fifty day simple moving average of 25.92 and a 200 day simple moving average of 30.76. The firm has a market cap of $15.15 billion, a price-to-earnings ratio of -1.59 and a beta of 1.84.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its quarterly earnings data on Wednesday, November 9th. The electric vehicle automaker reported -1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of -1.78 by 0.21. Rivian Automotive had a negative return on equity of 32.42% and a negative net margin of 714.01%. The business had revenue of 536.00 million during the quarter, compared to analyst estimates of 513.89 million. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -7.41 earnings per share for the current fiscal year.
Rivian Automotive Company Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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