Park Avenue Securities LLC Buys Shares of 13,805 Rivian Automotive, Inc. (NASDAQ:RIVN)

Park Avenue Securities LLC bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 13,805 shares of the electric vehicle automaker’s stock, valued at approximately $172,000.

A number of other institutional investors have also added to or reduced their stakes in RIVN. Geode Capital Management LLC boosted its stake in Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors purchased a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $123,308,000. Soma Equity Partners LP boosted its stake in shares of Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after purchasing an additional 1,407,772 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer now directly owns 824,875 shares of the company’s stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 384,265 shares of company stock worth $5,201,750. Insiders own 2.16% of the company’s stock.

Rivian Automotive Trading Up 2.5%

Shares of RIVN opened at $13.76 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. The firm has a market cap of $15.56 billion, a price-to-earnings ratio of -2.92 and a beta of 1.86. The business’s fifty day moving average is $13.73 and its 200-day moving average is $13.12.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.23. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Rivian Automotive’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.48) EPS. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RIVN shares. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. TD Cowen began coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective on the stock. UBS Group raised their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Finally, Wedbush cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, May 7th. Four equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $14.33.

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.