Axxcess Wealth Management LLC Raises Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Axxcess Wealth Management LLC increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 121.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,388 shares of the electric vehicle automaker’s stock after purchasing an additional 28,179 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Rivian Automotive were worth $563,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Element Pointe Advisors LLC purchased a new position in Rivian Automotive in the 1st quarter worth $114,000. Delap Wealth Advisory LLC bought a new stake in Rivian Automotive in the 1st quarter worth $181,000. UniSuper Management Pty Ltd grew its holdings in Rivian Automotive by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 9,400 shares of the electric vehicle automaker’s stock worth $103,000 after acquiring an additional 4,700 shares during the last quarter. Seven Eight Capital LP grew its holdings in Rivian Automotive by 271.9% in the 1st quarter. Seven Eight Capital LP now owns 552,680 shares of the electric vehicle automaker’s stock worth $6,052,000 after acquiring an additional 404,068 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc grew its holdings in Rivian Automotive by 172.7% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 300,000 shares of the electric vehicle automaker’s stock worth $3,285,000 after acquiring an additional 190,000 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction on Friday, July 12th. The stock was 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 owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Over the last quarter, insiders sold 485,716 shares of company stock worth $7,509,309. 2.30% of the stock is owned by insiders.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.04 during mid-day trading 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 firm has a market cap of $16.13 billion, a price-to-earnings ratio of -2.81 and a beta of 2.08. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06. The business has a fifty day moving average of $13.27 and a 200 day moving average of $12.71. 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 (NASDAQ:RIVN) last posted its quarterly 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 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%. Equities analysts predict that Rivian Automotive, Inc. will post -4.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Truist Financial lifted their target price on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, June 26th. Canaccord Genuity Group boosted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Wedbush boosted their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, June 26th. Finally, DA Davidson boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a 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 given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $19.79.

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.