Westwood Holdings Group Inc. Raises Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Westwood Holdings Group Inc. raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 240.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 273,801 shares of the electric vehicle automaker’s stock after acquiring an additional 193,345 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Rivian Automotive were worth $2,998,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $26,000. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. Benjamin Edwards Inc. purchased a new stake in shares of Rivian Automotive during the 1st quarter worth approximately $33,000. Arlington Trust Co LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $35,000. Finally, Fairman Group LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. DA Davidson boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Wedbush boosted their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 26th. Mizuho lifted their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.79.

Insider Buying and Selling at Rivian Automotive

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 value of $3,600,000.00. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of the 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 transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $15,482,940.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 485,716 shares of company stock worth $7,509,309. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Down 0.2 %

NASDAQ:RIVN traded down $0.04 on Friday, reaching $16.21. The stock had a trading volume of 21,539,950 shares, compared to its average volume of 48,924,936. The company has a market cap of $16.13 billion, a price-to-earnings ratio of -2.81 and a beta of 2.08. 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’s fifty day moving average is $13.27 and its two-hundred day moving average is $12.71. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results 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 analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Equities analysts expect that Rivian Automotive, Inc. will post -4.67 EPS 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.