Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by Xponance Inc.

Xponance Inc. raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,791 shares of the electric vehicle automaker’s stock after purchasing an additional 7,584 shares during the quarter. Xponance Inc.’s holdings in Rivian Automotive were worth $995,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $9,432,000. Alberta Investment Management Corp acquired a new stake in Rivian Automotive during the 4th quarter valued at $6,648,000. Virtu Financial LLC purchased a new stake in Rivian Automotive during the 3rd quarter worth $4,184,000. Finally, Great Lakes Advisors LLC acquired a new position in Rivian Automotive in the 4th quarter worth $4,929,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,998 shares of company stock worth $1,744,184. 2.51% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RIVN shares. Mizuho lowered their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Guggenheim decreased their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. UBS Group increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $11.60 on Monday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business’s 50-day moving average price is $12.41 and its 200 day moving average price is $12.16. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86. The firm has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

About Rivian Automotive

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.