Aspen Investment Management Inc Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Aspen Investment Management Inc bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,400 shares of the electric vehicle automaker’s stock, valued at approximately $138,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. grew its stake in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after buying an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC grew its position in shares of Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after buying an additional 124,950 shares during the period. SG Americas Securities LLC increased its stake 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 acquiring an additional 54,053 shares in the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Rivian Automotive in the 4th quarter worth about $1,317,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $13.61 on Friday. 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 fifty day moving average of $13.59 and a 200 day moving average of $12.54. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.85.

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 the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. Analysts forecast that Rivian Automotive, Inc. will post -4.7 EPS for the current fiscal year.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent research reports. The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Benchmark assumed coverage on Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Barclays boosted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Finally, Mizuho reduced their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.13.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 366,788 shares of company stock worth $5,024,431. Company insiders own 2.51% of the company’s stock.

About Rivian Automotive

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.