Leeward Financial Partners LLC purchased new shares in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) in the third quarter, according to its latest filings with the Securities and Exchange Commission (SEC). Institutional investors purchased 7,381 shares of the electric car maker worth approximately $243,000.
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Other institutional investors have also recently changed their holdings in the company. Bartlett & Co. LLC raised his Rivian Automotive stake by 104.2% in the second quarter. Bartlett & Co. LLC now owns 980 shares of the electric car maker worth $25,000 after purchasing an additional 500 shares of him last quarter. Concord Wealth Partners purchased new shares in his Rivian Automotive worth approximately $25,000 in the second quarter. Venture Visionary Partners LLC acquired new shares in Rivian Automotive worth approximately $27,000 in the second quarter. Seeyond bought new shares in Rivian Automotive worth about $27,000 in the second quarter. Finally, Exane Derivatives won a new position worth his $28,000 at Rivian Automotive in the second quarter. Currently 67.97% of the shares are owned by institutional investors and hedge funds.
Analyst sets new price target
RIVN has been the topic of many research reports. Morgan Stanley lowered Rivian Automotive’s price target from his $60.00 to $55.00 and gave the stock an “overweight” rating, in a report on Monday, Nov. 14. Robert W. Baird lowered Rivian Automotive’s price target from his $51.00 to his $44.00, setting the company’s valuation to “Outperform” in a research note on Tuesday, Dec. 13. DA Davidson lowered his price target for Rivian Automotive to $23.00 from his $27.00 in a research report on Thursday, November 10, giving the stock an “underperform” rating. Canaccord Genuity Group lowered its price target for Rivian Automotive from $61.00 to $55.00 in a research report on Thursday, November 10, giving the company a Buy rating. Finally, in a research report on Thursday, November 10, the Royal Bank of Canada lowered its price target on Rivian Automotive’s stock from $61.00 to $50.00, giving the stock an “outperform” rating. Two analysts rated the stock with a sell rating, six issued hold ratings, and 12 issued buy ratings for the company. Based on MarketBeat.com data, the stock currently has an average rating of “moderate buy” and an average target price of 42.67.
In separate news from Rivian Automotive, CFO Claire Mcdonough sold 14,235 shares in trading on Tuesday, November 15th. The shares were sold at an average price of 34.92 and her total was 497,086.20. After the sale, the Chief Financial Officer now directly owns 81,151 shares of the company worth 2,833,792.92. The sale is disclosed in filings with the Securities and Exchange Commission, which are available at this link. In related news, CAO Jeff Baker sold 1,689 shares of the company in a transaction that took place on Tuesday, November 15th. The shares were sold at an average price of 34.38 and the total amount was he 58,067.82. After the sale, the Chief Accounting Officer now directly owns his 89,331 shares in the company, valued at approximately 3,071,199.78. The transaction was disclosed in legal filings with the SEC that can be accessed via this hyperlink. CFO Claire Mcdonough also sold 14,235 shares of Rivian Automotive in a deal on Tuesday, November 15th. The shares were sold at an average price of 34.92 and her total was 497,086.20. After the sale, the Chief Financial Officer now owns directly his 81,151 shares in the company, valued at approximately $2,833,792.92. Please see here for the disclosure of this sale. A company insider owns his 2.34% of the company’s shares.
Rivian Automotive Trading increased by 1.0%
Rivian Automotive shares opened at 15.95 on Friday. Rivian Automotive, Inc. has a one-year low of 15.28 and a one-year high of 71.50. The company has a 50-day moving average of 23.86 and a 200-day moving average of 30.23. The company has a debt to equity ratio of 0.08, a quick ratio of 6.39 and a current ratio of 6.84. The company has a market capitalization of $14.69 billion, a P/E of -1.52 and a beta of 1.84.
Rivian Automotive (NASDAQ:RIVN – Get Rating) announced final results on Wednesday, November 9th. The electric car maker posted its earnings per share (EPS) of -1.57 for the quarter, beating analysts’ consensus forecast of -1.78 by 0.21. Rivian Automotive had a net profit margin of 714.01% and a return on equity of 32.42%. The company posted revenue of $536 million for the quarter, versus analysts’ forecast of $513.89 million. On average, equity analysts expect Rivian Automotive, Inc.’s earnings per share to be -7.41 this year.
Company Overview of Rivian Automotive
Rivian Automotive, Inc designs, develops, manufactures and markets electric vehicles and accessories. The company offers five-passenger pickup trucks and sport utility vehicles. Partnering with Amazon.com to offer his Rivian commercial vehicle platform for electric delivery vans. The company sells its products directly to customers in the consumer and commercial markets.
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