MML Investors Services LLC Increases Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

MML Investors Services LLC increased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 28.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,828 shares of the electric vehicle automaker’s stock after purchasing an additional 2,840 shares during the period. MML Investors Services LLC’s holdings in Rivian Automotive were worth $422,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in RIVN. Renaissance Technologies LLC purchased a new stake in Rivian Automotive during the 2nd quarter worth $49,310,000. FIFTHDELTA Ltd purchased a new stake in Rivian Automotive during the 2nd quarter worth $49,235,000. Nuveen Asset Management LLC boosted its position in Rivian Automotive by 97.0% during the 3rd quarter. Nuveen Asset Management LLC now owns 1,667,039 shares of the electric vehicle automaker’s stock worth $54,862,000 after purchasing an additional 820,767 shares during the period. California Public Employees Retirement System boosted its position in Rivian Automotive by 224.6% during the 3rd quarter. California Public Employees Retirement System now owns 1,052,841 shares of the electric vehicle automaker’s stock worth $34,649,000 after purchasing an additional 728,510 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position 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 worth $49,929,000 after purchasing an additional 670,295 shares during the period. 67.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RIVN shares. Barclays started coverage on shares of Rivian Automotive in a report on Tuesday, February 14th. They issued an “overweight” rating and a $28.00 price objective on the stock. Wedbush cut their price objective on shares of Rivian Automotive from $37.00 to $25.00 in a report on Wednesday, March 1st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Rivian Automotive from $43.00 to $28.00 in a report on Thursday, January 19th. Mizuho cut their price objective on shares of Rivian Automotive from $50.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, February 24th. Finally, Needham & Company LLC assumed coverage on shares of Rivian Automotive in a report on Wednesday, March 1st. They issued a “buy” rating and a $26.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus target price of $34.76.

Insider Activity

In other news, CFO Claire Mcdonough sold 2,090 shares of the stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.99, for a total value of $39,689.10. Following the completion of the transaction, the chief financial officer now directly owns 75,804 shares in the company, valued at $1,439,517.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Claire Mcdonough sold 2,090 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.99, for a total transaction of $39,689.10. Following the completion of the sale, the chief financial officer now directly owns 75,804 shares in the company, valued at $1,439,517.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jeff Baker sold 2,331 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $18.98, for a total transaction of $44,242.38. Following the sale, the chief accounting officer now owns 87,000 shares of the company’s stock, valued at $1,651,260. The disclosure for this sale can be found here. Insiders own 2.34% of the company’s stock.

Rivian Automotive Price Performance

RIVN opened at $15.13 on Thursday. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of -2.04 and a beta of 1.83. Rivian Automotive, Inc. has a fifty-two week low of $14.21 and a fifty-two week high of $56.76. The company’s 50-day moving average price is $18.18 and its 200 day moving average price is $26.72. The company has a quick ratio of 4.86, a current ratio of 5.42 and a debt-to-equity ratio of 0.09.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its earnings results on Tuesday, February 28th. The electric vehicle automaker reported ($1.73) EPS for the quarter, topping the consensus estimate of ($1.89) by $0.16. Rivian Automotive had a negative net margin of 407.24% and a negative return on equity of 37.49%. The firm had revenue of $663.00 million during the quarter, compared to analysts’ expectations of $729.47 million. During the same quarter in the prior year, the firm earned ($2.43) EPS. Rivian Automotive’s quarterly revenue was up 1127.8% on a year-over-year basis. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -5.21 earnings per share for the current year.

Rivian Automotive Profile

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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.