Baron Wealth Management LLC Has $7.55 Million Stake in Rivian Automotive, Inc. $RIVN

Baron Wealth Management LLC trimmed its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 513,953 shares of the electric vehicle automaker’s stock after selling 50,000 shares during the period. Rivian Automotive makes up 2.5% of Baron Wealth Management LLC’s investment portfolio, making the stock its 7th largest holding. Baron Wealth Management LLC’s holdings in Rivian Automotive were worth $7,545,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Rivian Automotive by 2.6% in the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock worth $1,086,507,000 after buying an additional 1,983,509 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after acquiring an additional 689,045 shares during the last quarter. Norges Bank purchased a new position in shares of Rivian Automotive during the 2nd quarter worth $105,629,000. Charles Schwab Investment Management Inc. grew its position in shares of Rivian Automotive by 15.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after acquiring an additional 799,030 shares during the period. Finally, Swiss National Bank increased its stake in shares of Rivian Automotive by 11.1% in the 2nd quarter. Swiss National Bank now owns 2,379,400 shares of the electric vehicle automaker’s stock worth $32,693,000 after purchasing an additional 237,200 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 1.1%

NASDAQ RIVN opened at $20.67 on Tuesday. The stock has a 50 day moving average price of $16.55 and a 200-day moving average price of $14.52. Rivian Automotive, Inc. has a one year low of $10.36 and a one year 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 company has a market capitalization of $25.34 billion, a P/E ratio of -6.65 and a beta of 1.79.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (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 the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm earned ($1.08) earnings per share. Rivian Automotive’s revenue was up 78.3% on a year-over-year basis. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 21,210 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value of $363,539.40. Following the sale, the chief financial officer owned 738,056 shares in the company, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 137,604 shares of company stock worth $2,391,863. Corporate insiders own 2.16% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on RIVN shares. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Morgan Stanley reiterated an “underweight” rating and set a $12.00 price objective on shares of Rivian Automotive in a research note on Monday, December 8th. Mizuho reissued an “underperform” rating and issued a $10.00 target price (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Wedbush lifted their price target on shares of Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, December 19th. Finally, The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.73.

About Rivian Automotive

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.