Austin Private Wealth LLC Takes $367,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Austin Private Wealth LLC purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 15,659 shares of the electric vehicle automaker’s stock, valued at approximately $367,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. boosted its stake in Rivian Automotive by 195.0% during the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 975 shares during the last quarter. Ancora Advisors LLC purchased a new stake in Rivian Automotive during the 3rd quarter worth approximately $27,000. MCF Advisors LLC raised its stake in shares of Rivian Automotive by 396.8% in the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after acquiring an additional 1,000 shares in the last quarter. Resurgent Financial Advisors LLC acquired a new position in Rivian Automotive during the 4th quarter worth $30,000. Finally, First Horizon Advisors Inc. increased its holdings in Rivian Automotive by 1,537.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 1,245 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In related news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RIVN. Morgan Stanley decreased their price objective on shares of Rivian Automotive from $24.00 to $14.00 and set an “overweight” rating for the company in a research report on Tuesday, February 27th. Barclays dropped their price target on Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. Needham & Company LLC cut their price objective on shares of Rivian Automotive from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $19.00 price objective (down previously from $29.00) on shares of Rivian Automotive in a research note on Wednesday, January 17th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $20.26.

Rivian Automotive Stock Performance

Shares of RIVN opened at $10.95 on Friday. The company’s 50 day simple moving average is $13.41 and its 200 day simple moving average is $17.39. Rivian Automotive, Inc. has a 1 year low of $10.05 and a 1 year high of $28.06. The company has a market capitalization of $10.70 billion, a price-to-earnings ratio of -1.91 and a beta of 1.89. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -4.79 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.