New Insight Wealth Advisors Has $1.03 Million Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

New Insight Wealth Advisors decreased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,095 shares of the electric vehicle automaker’s stock after selling 7,608 shares during the period. New Insight Wealth Advisors’ holdings in Rivian Automotive were worth $1,025,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. John G Ullman & Associates Inc. increased its position in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares during the period. RFG Holdings Inc. boosted its stake in shares of Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after purchasing an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after buying an additional 1,160 shares during the period. Freestone Capital Holdings LLC lifted its holdings in Rivian Automotive by 4.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after buying an additional 1,164 shares during the period. Finally, Tradition Wealth Management LLC boosted its stake in Rivian Automotive by 11.9% in the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after acquiring an additional 1,250 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RIVN shares. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. TD Cowen began coverage on Rivian Automotive in a research report on Friday. They issued a “hold” rating and a $12.70 target price on the stock. UBS Group upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Barclays lifted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Finally, Guggenheim reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.73.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The transaction 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 company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction 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. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,357 shares of company stock worth $3,988,140 in the last ninety days. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.17 on Monday. The company has a 50 day moving average of $13.06 and a 200 day moving average of $12.36. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market cap of $12.63 billion, a P/E ratio of -2.37 and a beta of 2.03. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, sell-side analysts forecast 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.