Albion Financial Group UT Raises Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Albion Financial Group UT lifted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 346.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 104,181 shares of the electric vehicle automaker’s stock after purchasing an additional 80,841 shares during the period. Albion Financial Group UT’s holdings in Rivian Automotive were worth $1,141,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RIVN. Price T Rowe Associates Inc. MD lifted its position in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Norges Bank purchased a new stake in shares of Rivian Automotive during the 4th quarter worth $129,427,000. Vanguard Group Inc. lifted its position in shares of Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Rivian Automotive by 228.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock worth $88,144,000 after purchasing an additional 2,525,142 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Down 1.6 %

Shares of RIVN traded down $0.24 on Wednesday, hitting $14.65. 52,582,832 shares of the stock traded hands, compared to its average volume of 43,849,707. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $14.58 billion, a P/E ratio of -2.62 and a beta of 2.07. The stock’s 50 day moving average is $10.90 and its two-hundred day moving average is $13.32. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -4.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RIVN shares. Barclays lifted their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Monday. Guggenheim started coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target on the stock. UBS Group lifted their price target on shares of Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Cantor Fitzgerald lifted their price target on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 26th. Finally, Piper Sandler reiterated an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.04.

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.