Great Lakes Advisors LLC Acquires Shares of 370,626 Rivian Automotive, Inc. (NASDAQ:RIVN)

Great Lakes Advisors LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 370,626 shares of the electric vehicle automaker’s stock, valued at approximately $4,929,000.

Other institutional investors have also added to or reduced their stakes in the company. Tandem Financial LLC purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the 3rd quarter worth about $28,000. Hantz Financial Services Inc. raised its holdings in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Bear Mountain Capital Inc. raised its holdings in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Mizuho increased their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Finally, Benchmark initiated coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.73.

Rivian Automotive Price Performance

RIVN stock opened at $10.61 on Friday. The stock has a market capitalization of $12.00 billion, a price-to-earnings ratio of -2.25 and a beta of 2.03. The firm’s 50-day moving average price is $12.91 and its two-hundred day moving average price is $12.31. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86.

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

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 203,928 shares of company stock valued at $3,013,134. Company insiders own 2.51% 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.