Everett Harris & Co. CA Purchases Shares of 24,320 Rivian Automotive, Inc. (NASDAQ:RIVN)

Everett Harris & Co. CA acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 3rd quarter, Holdings Channel reports. The firm acquired 24,320 shares of the electric vehicle automaker’s stock, valued at approximately $273,000.

A number of other hedge funds have also made changes to their positions in the business. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after acquiring an additional 5,937,605 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the period. Spirepoint Private Client LLC acquired a new position in shares of Rivian Automotive during the first quarter worth $15,635,000. Finally, AQR Capital Management LLC boosted its stake in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after purchasing an additional 1,257,106 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on RIVN. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. Guggenheim initiated coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.18.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $10.04 on Friday. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average of $12.36 and a two-hundred day moving average of $12.25. The company has a market capitalization of $9.99 billion, a price-to-earnings ratio of -1.74 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, analysts expect that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,305 shares of company stock valued at $3,369,273. 2.30% of the stock is currently owned by corporate insiders.

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.