Independent Financial Group LLC Makes New $985,000 Investment in Rivian Automotive, Inc. $RIVN

Independent Financial Group LLC bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 1st quarter, Holdings Channel reports. The firm bought 65,429 shares of the electric vehicle automaker’s stock, valued at approximately $985,000.

Several other hedge funds have also made changes to their positions in the company. Newbridge Financial Services Group Inc. raised its position in shares of Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive during the fourth quarter worth $27,000. SOA Wealth Advisors LLC. increased its stake in Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Rivian Automotive in the third quarter valued at $31,000. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Down 1.2%

Shares of NASDAQ RIVN opened at $17.24 on Tuesday. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $23.47 billion, a PE ratio of -5.90 and a beta of 1.60. Rivian Automotive, Inc. has a twelve month low of $11.57 and a twelve month high of $22.69. The stock has a fifty day simple moving average of $16.10 and a 200-day simple moving average of $16.06.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company earned ($0.48) EPS. Rivian Automotive’s revenue was up 11.4% on a year-over-year basis. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.06 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 78,630 shares of company stock worth $1,309,504 over the last three months. Company insiders own 1.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RIVN shares. TD Cowen reiterated a “buy” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, June 3rd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a research report on Monday, April 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 10th. Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Morgan Stanley lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company an “underweight” rating in a research report on Tuesday, July 14th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.86.

Rivian Automotive Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.