Bamco Inc. NY Acquires 130,581 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Bamco Inc. NY increased its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,282,545 shares of the electric vehicle automaker’s stock after purchasing an additional 130,581 shares during the quarter. Bamco Inc. NY’s holdings in Rivian Automotive were worth $24,994,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RIVN. Raymond James Financial Services Advisors Inc. grew its position in shares of Rivian Automotive by 9.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 297,944 shares of the electric vehicle automaker’s stock worth $6,990,000 after buying an additional 26,915 shares during the period. Assenagon Asset Management S.A. lifted its stake in Rivian Automotive by 4.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 34,238 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 1,439 shares in the last quarter. Gradient Investments LLC lifted its stake in Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after acquiring an additional 1,034 shares in the last quarter. Halpern Financial Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $47,000. Finally, True North Advisors LLC raised its stake in shares of Rivian Automotive by 41.2% during the 4th quarter. True North Advisors LLC now owns 18,578 shares of the electric vehicle automaker’s stock worth $436,000 after purchasing an additional 5,419 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RIVN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Canaccord Genuity Group upped their price objective on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Piper Sandler reiterated an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, July 22nd. Finally, Needham & Company LLC raised their target price on Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Rivian Automotive has an average rating of “Moderate Buy” and an average price target of $19.79.

Rivian Automotive Stock Down 0.2 %

RIVN traded down $0.04 during trading on Friday, hitting $16.21. 21,539,950 shares of the company’s stock traded hands, compared to its average volume of 48,924,936. The company’s 50 day simple moving average is $13.27 and its two-hundred day simple moving average is $12.62. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $28.06. The stock has a market capitalization of $16.13 billion, a price-to-earnings ratio of -2.81 and a beta of 2.08.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Analysts predict that Rivian Automotive, Inc. will post -4.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $15,482,940.82. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Over the last quarter, insiders sold 485,716 shares of company stock worth $7,509,309. Corporate insiders own 2.30% 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.