GAMMA Investing LLC Invests $84,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

GAMMA Investing LLC acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,567 shares of the electric vehicle automaker’s stock, valued at approximately $84,000.

A number of other institutional investors also recently made changes to their positions in RIVN. Wellington Management Group LLP boosted its holdings in shares of Rivian Automotive by 228.5% during the third quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock worth $88,144,000 after acquiring an additional 2,525,142 shares during the period. Morgan Stanley boosted its holdings in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rivian Automotive by 38.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,282,027 shares of the electric vehicle automaker’s stock valued at $55,408,000 after buying an additional 631,397 shares in the last quarter. Northern Trust Corp raised its position in shares of Rivian Automotive by 14.8% in the third quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock valued at $102,833,000 after buying an additional 544,588 shares in the last quarter. Finally, Bamco Inc. NY raised its position in shares of Rivian Automotive by 25.4% in the third quarter. Bamco Inc. NY now owns 2,531,751 shares of the electric vehicle automaker’s stock valued at $61,471,000 after buying an additional 512,495 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RIVN. Stifel Nicolaus dropped their price target 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. Robert W. Baird dropped their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. DA Davidson dropped their price target 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, The Goldman Sachs Group dropped their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.61.

Rivian Automotive Stock Up 3.8 %

Shares of Rivian Automotive stock opened at $9.38 on Tuesday. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average price of $10.69 and a two-hundred day moving average price of $15.41. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $28.06.

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

Insider Activity

In other news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock worth $717,274 in the last three months. Company insiders own 2.30% of the company’s stock.

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.