Raymond James Financial Inc. Invests $9.43 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Raymond James Financial Inc. bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 709,170 shares of the electric vehicle automaker’s stock, valued at approximately $9,432,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after acquiring an additional 133,781 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after purchasing an additional 54,053 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $1,382,000. Alberta Investment Management Corp purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $6,648,000. Finally, Illinois Municipal Retirement Fund lifted its stake in shares of Rivian Automotive by 36.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock worth $1,974,000 after acquiring an additional 39,751 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent research reports. Mizuho reduced their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Cowen initiated coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating for the company. Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $19.00 to $13.00 in a report on Thursday. Finally, Wells Fargo & Company upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $14.38.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was 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 directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,735,619 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

RIVN stock opened at $11.60 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business has a 50 day simple moving average of $12.41 and a 200-day simple moving average of $12.17. The firm has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal 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.