Delap Wealth Advisory LLC Invests $181,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

Delap Wealth Advisory LLC purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 16,553 shares of the electric vehicle automaker’s stock, valued at approximately $181,000.

Several other institutional investors and hedge funds have also bought and sold shares of RIVN. Whittier Trust Co. boosted its position in Rivian Automotive by 290.6% in the fourth quarter. Whittier Trust Co. now owns 10,308 shares of the electric vehicle automaker’s stock valued at $242,000 after buying an additional 7,669 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings 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 valued at $6,990,000 after acquiring an additional 26,915 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Rivian Automotive by 4.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 34,238 shares of the electric vehicle automaker’s stock worth $803,000 after acquiring an additional 1,439 shares during the last quarter. Jamison Private Wealth Management Inc. increased its holdings in Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after purchasing an additional 727 shares in the last quarter. Finally, Austin Private Wealth LLC bought a new position in Rivian Automotive in the fourth quarter valued at about $367,000. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent research reports. UBS Group upped their price objective on Rivian Automotive from $10.00 to $17.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Needham & Company LLC raised their price target on shares of Rivian Automotive from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Guggenheim assumed coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target on the stock. Royal Bank of Canada increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a report on Monday, July 1st. Finally, JPMorgan Chase & Co. upped their price target on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.79.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s 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 sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Insiders sold 485,716 shares of company stock worth $7,509,309 in the last quarter. 2.30% of the stock is currently owned by company insiders.

Rivian Automotive Stock Up 1.4 %

Shares of NASDAQ RIVN traded up $0.23 during trading on Friday, hitting $16.48. The stock had a trading volume of 12,323,375 shares, compared to its average volume of 43,751,184. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The firm has a fifty day moving average of $13.16 and a two-hundred day moving average of $12.73. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06. The company has a market capitalization of $16.40 billion, a PE ratio of -2.80 and a beta of 2.08.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate 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, equities research analysts forecast that Rivian Automotive, Inc. will post -4.67 EPS for the current fiscal year.

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.