Baird Financial Group Inc. Raises Holdings in Rivian Automotive, Inc. $RIVN

Baird Financial Group Inc. boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 93.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,044 shares of the electric vehicle automaker’s stock after acquiring an additional 11,595 shares during the quarter. Baird Financial Group Inc.’s holdings in Rivian Automotive were worth $299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after buying an additional 5,610,688 shares during the period. Nuveen LLC bought a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $33,582,000. Twinbeech Capital LP bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $29,944,000. Soma Equity Partners LP grew its position in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after buying an additional 1,407,772 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $17,087,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent analyst reports. Stifel Nicolaus cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Morgan Stanley cut their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 6th. Finally, Wedbush cut their price objective on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $13.67.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.16% of the company’s stock.

Rivian Automotive Trading Up 0.4%

RIVN opened at $13.97 on Friday. The stock has a market cap of $16.95 billion, a PE ratio of -4.33 and a beta of 1.81. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average of $13.05 and a 200-day moving average of $12.99. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15.

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

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.