Farther Finance Advisors LLC Acquires 10,139 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Farther Finance Advisors LLC grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 173.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,970 shares of the electric vehicle automaker’s stock after buying an additional 10,139 shares during the quarter. Farther Finance Advisors LLC’s holdings in Rivian Automotive were worth $212,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of RIVN. Brighton Jones LLC grew its position in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Rivian Automotive by 13.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 294,468 shares of the electric vehicle automaker’s stock valued at $4,019,000 after purchasing an additional 34,948 shares during the period. Allworth Financial LP grew its holdings in shares of Rivian Automotive by 14.0% in the fourth quarter. Allworth Financial LP now owns 28,711 shares of the electric vehicle automaker’s stock worth $364,000 after purchasing an additional 3,521 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth $556,000. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Rivian Automotive by 5.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 296,013 shares of the electric vehicle automaker’s stock worth $3,937,000 after buying an additional 14,513 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer now owns 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer now directly owns 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 384,265 shares of company stock valued at $5,201,750 in the last quarter. 2.16% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on RIVN shares. TD Cowen assumed coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price target for the company. JPMorgan Chase & Co. dropped their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Robert W. Baird cut their target price on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Finally, Guggenheim reiterated a “buy” rating and issued a $16.00 price objective on shares of Rivian Automotive in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $14.33.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.77 on Friday. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The stock has a market cap of $15.57 billion, a P/E ratio of -3.70 and a beta of 1.86. The business’s 50 day moving average price is $13.85 and its 200-day moving average price is $13.14. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. During the same quarter in the previous year, the business earned ($1.48) earnings per share. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Rivian Automotive Company 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.