Proficio Capital Partners LLC Buys New Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Proficio Capital Partners LLC purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, Holdings Channel reports. The fund purchased 36,628 shares of the electric vehicle automaker’s stock, valued at approximately $487,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Empowered Funds LLC grew its holdings in Rivian Automotive by 59.1% during the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after acquiring an additional 6,860 shares during the period. Quest Partners LLC boosted its position in Rivian Automotive by 109.0% in the 3rd quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock worth $156,000 after purchasing an additional 7,273 shares in the last quarter. Pathstone Holdings LLC grew its stake in shares of Rivian Automotive by 8.4% during the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock worth $1,327,000 after purchasing an additional 9,187 shares during the period. Commerce Bank increased its holdings in shares of Rivian Automotive by 52.7% during the 3rd quarter. Commerce Bank now owns 62,012 shares of the electric vehicle automaker’s stock valued at $696,000 after purchasing an additional 21,391 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at $570,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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. Over the last quarter, insiders sold 113,998 shares of company stock valued at $1,744,184. 2.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on RIVN shares. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Piper Sandler lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price target for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Cowen began coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Wells Fargo & Company boosted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Finally, Guggenheim decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Trading Up 5.1 %

Shares of Rivian Automotive stock opened at $12.19 on Tuesday. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. 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 stock has a market cap of $13.78 billion, a P/E ratio of -2.58 and a beta of 2.03. The stock’s 50 day simple moving average is $12.38 and its 200-day simple moving average is $12.15.

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

Rivian Automotive Company 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.