SVB Wealth LLC Acquires New Stake in Rivian Automotive, Inc. $RIVN

SVB Wealth LLC bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,825 shares of the electric vehicle automaker’s stock, valued at approximately $97,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PFS Partners LLC raised its position in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,882 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $34,000. Olde Wealth Management LLC acquired a new position in Rivian Automotive in the 1st quarter valued at $37,000. Quarry LP purchased a new position in shares of Rivian Automotive during the 4th quarter worth $38,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Rivian Automotive by 107.9% during the first quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker’s stock worth $41,000 after purchasing an additional 1,714 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.16% of the stock is owned by company insiders.

Rivian Automotive Stock Up 0.2%

Shares of NASDAQ RIVN opened at $13.11 on Tuesday. The stock has a fifty day moving average price of $12.99 and a 200 day moving average price of $12.94. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15. The company has a market cap of $15.91 billion, a P/E ratio of -4.06 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the business posted ($1.46) EPS. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RIVN. Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Monday. Wedbush decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Piper Sandler boosted their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Jefferies Financial Group reaffirmed a “hold” rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. Finally, Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. Five research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.69.

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.