Wealth Enhancement Advisory Services LLC Raises Holdings in Rivian Automotive, Inc. $RIVN

Wealth Enhancement Advisory Services LLC increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 12.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,479 shares of the electric vehicle automaker’s stock after acquiring an additional 3,418 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Rivian Automotive were worth $398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mn Services Vermogensbeheer B.V. raised its holdings in Rivian Automotive by 24.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 293,800 shares of the electric vehicle automaker’s stock valued at $4,037,000 after buying an additional 57,500 shares during the last quarter. Wedmont Private Capital raised its stake in shares of Rivian Automotive by 10.0% during the second quarter. Wedmont Private Capital now owns 28,032 shares of the electric vehicle automaker’s stock valued at $370,000 after acquiring an additional 2,546 shares during the last quarter. Swedbank AB boosted its holdings in shares of Rivian Automotive by 356.6% during the second quarter. Swedbank AB now owns 933,745 shares of the electric vehicle automaker’s stock worth $12,830,000 after purchasing an additional 729,240 shares during the period. Parallel Advisors LLC grew its stake in shares of Rivian Automotive by 59.5% in the second quarter. Parallel Advisors LLC now owns 16,662 shares of the electric vehicle automaker’s stock worth $229,000 after purchasing an additional 6,217 shares during the last quarter. Finally, Modern Wealth Management LLC purchased a new position in Rivian Automotive during the 1st quarter valued at about $135,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $13.50 on Tuesday. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $17.15. The firm’s 50-day moving average is $13.48 and its 200 day moving average is $13.42. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of -4.18 and a beta of 1.82. 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 quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the business earned ($1.46) EPS. Rivian Automotive’s revenue was up 12.5% on a year-over-year basis. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction dated Tuesday, September 16th. The stock was 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 owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. The trade was a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,147 shares of company stock worth $577,593. Corporate insiders own 2.16% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wedbush dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 6th. Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Monday, August 25th. JPMorgan Chase & Co. dropped their target price on shares of Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Wednesday, August 6th. Finally, Mizuho lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $13.90.

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.