LPL Financial LLC Raises Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

LPL Financial LLC grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 612,403 shares of the electric vehicle automaker’s stock after buying an additional 3,719 shares during the quarter. LPL Financial LLC owned 0.05% of Rivian Automotive worth $7,624,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in Rivian Automotive during the 1st quarter valued at $1,382,000. Twinbeech Capital LP bought a new position in shares of Rivian Automotive during the fourth quarter valued at $29,944,000. Symmetry Investments LP purchased a new position in Rivian Automotive in the 4th quarter worth about $357,000. Mmbg Investment Advisors CO. bought a new position in Rivian Automotive during the 1st quarter valued at about $274,000. Finally, Impax Asset Management Group plc bought a new position in Rivian Automotive during the 1st quarter valued at about $5,602,000. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Wall Street Zen cut Rivian Automotive from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Stifel Nicolaus dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. lowered their target price on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Wednesday, August 6th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Four equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $13.73.

Rivian Automotive Stock Down 2.3%

Shares of RIVN opened at $11.79 on Monday. The business’s 50 day moving average is $13.37 and its 200 day moving average is $12.97. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15. The company has a market capitalization of $13.33 billion, a PE ratio of -3.65 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned ($1.46) earnings per share. Research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 205,694 shares of company stock valued at $3,144,612 over the last ninety days. 2.16% of the stock is currently owned by corporate insiders.

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.