Mackenzie Financial Corp Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Mackenzie Financial Corp bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 33,680 shares of the electric vehicle automaker’s stock, valued at approximately $790,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $26,000. Lecap Asset Management Ltd. bought a new position in shares of Rivian Automotive during the fourth quarter valued at about $285,000. EMC Capital Management grew its stake in shares of Rivian Automotive by 15.4% in the fourth quarter. EMC Capital Management now owns 7,500 shares of the electric vehicle automaker’s stock worth $176,000 after purchasing an additional 1,000 shares during the last quarter. Clarius Group LLC grew its stake in shares of Rivian Automotive by 44.3% in the fourth quarter. Clarius Group LLC now owns 32,569 shares of the electric vehicle automaker’s stock worth $764,000 after purchasing an additional 10,003 shares during the last quarter. Finally, Sapient Capital LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth about $330,000. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $15.00 to $21.00 in a research report on Friday, March 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. DA Davidson cut their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Insider Transactions at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 over the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Down 3.6 %

RIVN opened at $8.52 on Friday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $11.13 and a two-hundred day moving average of $15.65.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, analysts forecast that Rivian Automotive, Inc. will post -4.76 EPS for the current fiscal year.

About Rivian Automotive

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.