Axxcess Wealth Management LLC Buys 3,571 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Axxcess Wealth Management LLC boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,507 shares of the electric vehicle automaker’s stock after buying an additional 3,571 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Rivian Automotive were worth $765,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in RIVN. Geode Capital Management LLC raised its stake in shares of Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after acquiring an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after purchasing an additional 133,781 shares in the last quarter. Swiss National Bank lifted its stake in Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after acquiring an additional 45,200 shares during the period. Raymond James Financial Inc. bought a new position in Rivian Automotive during the 4th quarter worth about $9,432,000. Finally, Teachers Retirement System of The State of Kentucky increased its position in Rivian Automotive by 17.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 589,382 shares of the electric vehicle automaker’s stock valued at $6,613,000 after purchasing an additional 86,433 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RIVN. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $19.00 to $13.00 in a report on Thursday. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Sanford C. Bernstein started 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 for the company. Guggenheim cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Finally, Benchmark reiterated a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.38.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s 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 sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,735,619 in the last quarter. 2.51% of the stock is currently owned by company insiders.

Rivian Automotive Stock Performance

RIVN opened at $10.88 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. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86. The firm has a 50 day moving average of $12.45 and a two-hundred day moving average of $12.19. The firm has a market capitalization of $12.30 billion, a PE ratio of -2.31 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.43 billion. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.