Global Assets Advisory LLC Purchases Shares of 52,422 Rivian Automotive, Inc. (NASDAQ:RIVN)

Global Assets Advisory LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 1st quarter, HoldingsChannel reports. The fund purchased 52,422 shares of the electric vehicle automaker’s stock, valued at approximately $574,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Morgan Stanley raised its stake in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares in the last quarter. Norges Bank bought a new stake in Rivian Automotive during the fourth quarter valued at approximately $129,427,000. Finally, Legal & General Group Plc grew its stake in Rivian Automotive by 10.0% in the 3rd quarter. Legal & General Group Plc now owns 3,935,314 shares of the electric vehicle automaker’s stock worth $95,549,000 after buying an additional 358,512 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research report on Tuesday, April 16th. Cantor Fitzgerald raised their price objective on Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays cut their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 8th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a report on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.17.

Rivian Automotive Trading Down 1.8 %

RIVN opened at $14.47 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06. The business has a 50 day moving average of $10.59 and a 200-day moving average of $13.56.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, research analysts predict that Rivian Automotive, Inc. will post -4.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,452,349.59. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is currently owned by corporate insiders.

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.