Rivian Automotive, Inc. $RIVN Position Lifted by Belpointe Asset Management LLC

Belpointe Asset Management LLC raised its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,225 shares of the electric vehicle automaker’s stock after acquiring an additional 1,581 shares during the quarter. Belpointe Asset Management LLC’s holdings in Rivian Automotive were worth $239,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Intech Investment Management LLC boosted its stake in Rivian Automotive by 522.0% during the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock valued at $4,370,000 after acquiring an additional 294,539 shares during the last quarter. Focus Partners Wealth boosted its stake in Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 14,497 shares during the last quarter. Bayforest Capital Ltd bought a new position in Rivian Automotive during the 1st quarter valued at $1,229,000. Empowered Funds LLC boosted its stake in Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares during the last quarter. Finally, Great Lakes Advisors LLC boosted its stake in Rivian Automotive by 131.0% during the 1st quarter. Great Lakes Advisors LLC now owns 856,193 shares of the electric vehicle automaker’s stock valued at $10,660,000 after acquiring an additional 485,567 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Piper Sandler increased their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, May 22nd. Wedbush reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley reduced their price target on shares of 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. Wall Street Zen downgraded shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Finally, Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $13.67.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.60 on Tuesday. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15. The firm’s 50 day moving average is $13.07 and its 200-day moving average is $13.04. The stock has a market capitalization of $16.50 billion, a P/E ratio of -4.21 and a beta of 1.81. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72.

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

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,333,655 shares in the company, valued at $18,671,170. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.16% 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.