IPG Investment Advisors LLC Grows Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

IPG Investment Advisors LLC boosted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 183.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 51,746 shares of the electric vehicle automaker’s stock after buying an additional 33,470 shares during the quarter. IPG Investment Advisors LLC’s holdings in Rivian Automotive were worth $688,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth about $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the third quarter valued at approximately $28,000. Hantz Financial Services Inc. grew its stake in shares of Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares during the last quarter. Finally, Bear Mountain Capital Inc. raised its holdings in shares of Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after buying an additional 1,932 shares during the period. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of recent analyst reports. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Benchmark reissued a “buy” rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Wells Fargo & Company raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, TD Cowen began coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 target price on the stock. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.38.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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 transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock worth $2,588,475. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $12.41 on Friday. The firm’s fifty day moving average is $12.26 and its two-hundred day moving average is $12.13. The firm has a market cap of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current 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.