Prakash Investment Advisors LLC Buys New Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Prakash Investment Advisors LLC acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 16,700 shares of the electric vehicle automaker’s stock, valued at approximately $222,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. John G Ullman & Associates Inc. lifted its holdings in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. RFG Holdings Inc. lifted its holdings in Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after buying an additional 1,096 shares in the last quarter. Tradition Wealth Management LLC lifted its holdings in Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after buying an additional 1,250 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Rivian Automotive by 40.3% in the 3rd quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock worth $51,000 after buying an additional 1,301 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent analyst reports. Royal Bank of Canada cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Needham & Company LLC cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Finally, Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.13.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 366,788 shares of company stock worth $5,024,431. Insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $13.61 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a 50-day moving average price of $13.59 and a two-hundred day moving average price of $12.54.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. Sell-side analysts expect that Rivian Automotive, Inc. will post -4.7 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.