Farther Finance Advisors LLC Purchases 81,291 Shares of Rivian Automotive, Inc. $RIVN

Farther Finance Advisors LLC raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 227.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 117,096 shares of the electric vehicle automaker’s stock after acquiring an additional 81,291 shares during the quarter. Farther Finance Advisors LLC’s holdings in Rivian Automotive were worth $1,719,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after buying an additional 799,030 shares during the last quarter. XTX Topco Ltd bought a new position in Rivian Automotive in the second quarter worth approximately $1,324,000. Tableaux LLC bought a new position in shares of Rivian Automotive in the 2nd quarter worth $3,435,000. Intech Investment Management LLC grew its holdings in shares of Rivian Automotive by 522.0% during the first quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock valued at $4,370,000 after buying an additional 294,539 shares during the last quarter. Finally, Udine Wealth Management Inc. acquired a new position in Rivian Automotive during the 2nd quarter valued at about $937,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on RIVN. Tigress Financial increased their price target on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. The Goldman Sachs Group increased their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Mizuho reissued an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. JPMorgan Chase & Co. upped their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Monday, October 20th. Finally, UBS Group increased their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have given a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Trading Down 1.1%

Shares of RIVN opened at $20.90 on Friday. The business has a 50-day moving average of $16.40 and a 200 day moving average of $14.47. Rivian Automotive, Inc. has a fifty-two week low of $10.36 and a fifty-two week high of $22.69. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm has a market cap of $25.62 billion, a P/E ratio of -6.72 and a beta of 1.79.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the company posted ($1.08) EPS. Rivian Automotive’s revenue was up 78.3% compared to the same quarter last year. As a group, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other news, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the sale, the director directly owned 29,122 shares in the company, valued at $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total transaction of $305,898.50. Following the completion of the transaction, the chief executive officer owned 1,167,559 shares of the company’s stock, valued at $20,467,309.27. This trade represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 120,154 shares of company stock worth $2,017,909. 2.16% of the stock is owned by company insiders.

Rivian Automotive Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.