SRS Capital Advisors Inc. Grows Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

SRS Capital Advisors Inc. grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 309.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,352 shares of the electric vehicle automaker’s stock after purchasing an additional 6,312 shares during the period. SRS Capital Advisors Inc.’s holdings in Rivian Automotive were worth $111,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Metis Global Partners LLC lifted its holdings in Rivian Automotive by 6.9% in the fourth quarter. Metis Global Partners LLC now owns 123,086 shares of the electric vehicle automaker’s stock valued at $1,637,000 after acquiring an additional 7,922 shares during the period. Versor Investments LP purchased a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $298,000. Proficio Capital Partners LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $487,000. Oppenheimer & Co. Inc. boosted its holdings in Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after buying an additional 1,160 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in Rivian Automotive by 36.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock valued at $1,974,000 after buying an additional 39,751 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,357 shares of company stock valued at $3,988,140 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $11.42 on Thursday. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86. The stock has a market cap of $12.91 billion, a PE ratio of -2.42 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a 50 day moving average price of $13.22 and a 200 day moving average price of $12.40.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on RIVN. UBS Group upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Royal Bank of Canada reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Truist Financial raised their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Mizuho upped their target price on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. Finally, Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.87.

Rivian Automotive Company 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.