Trust Point Inc. Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Trust Point Inc. bought new shares in Rivian Automotive, Inc. (NASDAQ: RIVN – Free Report) in the fourth quarter, Holdings Channel report. The firm purchased 10,478 shares of the electric vehicle maker’s stock, valued at approximately $246,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RIVN. Vanguard Group Inc. raised its stake in Rivian Automotive by 0.6% in the third quarter. Vanguard Group Inc. now owns 63,845,364 shares of the electric vehicle maker’s stock valued at $1,550,165,000 after buying an additional 408,677 shares during the period. BlackRock Inc. lifted its holdings in Rivian Automotive by 2.9% in the first quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle maker’s stock valued at $787,993,000 after acquiring an additional 1,443,514 shares in the last quarter. Moneta Group Investment Advisors LLC purchased a new position in Rivian Automotive during the fourth quarter valued at about $228,175,000. State Street Corp lifted its position in Rivian Automotive by 22.6% in the second quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle maker’s stock valued at $194,998,000 after buying an additional 2,156,922 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle maker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares in the last quarter . Institutional investors and hedge funds own 66.25% of the company’s shares.

Rivian Motors Shares Down 0.3%

Shares of Rivian Automotive opened at 10.10 US Dollar. The stock’s fifty day moving average is $12.81 and its two hundred day moving average is $16.76. The stock has a market cap of $9.87 billion, a PE ratio of -1.76 and a beta of 1.88. Rivian Automotive, Inc. it has a 1-year low of $10.01 and a 1-year high of $28.06. The company has a debt to equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Cars (NASDAQ: RIVN – Get a Free Report) last issued its earnings results on Wednesday, February 21. The electric vehicle maker reported ($1.58) earnings per share for the quarter, topping the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analysts’ estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative margin of 122.51%. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.79 EPS for the current fiscal year.

Wall Street Analyst Weighs In

A number of brokerages recently issued reports on RIVN. Mizuho restated a “neutral” rating and issued a $12.00 price objective on shares of Rivian Automotive in a report on Monday, March 25th. Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a hold rating on shares of Rivian Automotive. “buy” rating on the stock in report on Monday, February 26. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 target price on shares of Rivian Automotive in a report on Wednesday, April 3. UBS Group restated a “sell” rating. ” and set a $8.00 price objective (down from $24.00) on shares of Rivian Automotive in a research note on Friday, February 23rd. Finally, Bank of America reduced their price objective on Rivian Automotive from $40.00 to $25.00 and set a ” buy” for the company in a research note on Thursday, February 22. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $19.87.

Read our Latest Research Report on Rivian Cars

Domestic Activity

In related news, Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a filing with the Securities and Exchange Commission, which is available through this link. In related news, Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred on Friday, March 8. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the investor now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities and Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction that occurred on Friday, February 16. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. A disclosure of this marketing can be found here. Over the last quarter, insiders sold 54,306 shares of company stock valued at $717,274. Company insiders own 2.30% of the company’s stock.

Profile of Rivian Cars

(Free Report)

Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures and markets automobiles and electrical equipment. The company offers consumer vehicles, including a five-passenger two-row pickup truck under the R1T brand, a three-row seven-passenger sport utility vehicle under the R1S name.

Check it out too

Want to see what other hedge funds hold RIVN? Visit HoldingsChannel.com to access the latest 13F filings and internal business of Rivian Automotive, Inc. (NASDAQ: RIVN – Free Report)

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