Albion Financial Group UT Grows Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Albion Financial Group UT lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 346.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,181 shares of the electric vehicle automaker’s stock after buying an additional 80,841 shares during the period. Albion Financial Group UT’s holdings in Rivian Automotive were worth $1,141,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Morgan Stanley grew its stake in shares of Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. SteelPeak Wealth LLC bought a new stake in Rivian Automotive during the 1st quarter valued at approximately $265,000. Trust Point Inc. bought a new stake in Rivian Automotive during the 4th quarter valued at approximately $246,000. Sapient Capital LLC bought a new stake in Rivian Automotive during the 4th quarter valued at approximately $330,000. Finally, Gradient Investments LLC boosted its position in Rivian Automotive by 72.4% during the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after acquiring an additional 1,034 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of several research reports. Royal Bank of Canada lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research report on Monday. Barclays lifted their price objective on Rivian Automotive from $10.00 to $14.00 and gave the company an “equal weight” rating in a research report on Monday. The Goldman Sachs Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Monday. Piper Sandler reissued an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, UBS Group boosted their price target on Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. One investment 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.com, Rivian Automotive presently has a consensus rating of “Moderate Buy” and an average price target of $19.04.

Rivian Automotive Stock Performance

RIVN traded down $0.24 during mid-day trading on Wednesday, reaching $14.65. 52,582,832 shares of the company traded hands, compared to its average volume of 43,849,707. The stock has a market capitalization of $14.58 billion, a P/E ratio of -2.62 and a beta of 2.07. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The company’s fifty day moving average price is $10.90 and its 200-day moving average price is $13.32. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced 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 company had revenue of $1.20 billion for 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%. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.87 EPS for the current year.

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.