Prakash Investment Advisors LLC Invests $222,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

Prakash Investment Advisors LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, HoldingsChannel reports. The firm purchased 16,700 shares of the electric vehicle automaker’s stock, valued at approximately $222,000.

A number of other institutional investors also recently made changes to their positions in RIVN. Baillie Gifford & Co. lifted its stake in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. abrdn plc lifted its stake in Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares during the last quarter. Alberta Investment Management Corp acquired a new stake in Rivian Automotive during the fourth quarter valued at approximately $6,648,000. Finally, Virtu Financial LLC acquired a new stake in Rivian Automotive during the third quarter valued at approximately $4,184,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 2.3 %

RIVN stock opened at $13.61 on Friday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.85. 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 company has a 50 day moving average of $13.59 and a two-hundred day moving average of $12.54.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. As a group, research analysts predict that Rivian Automotive, Inc. will post -4.7 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on RIVN. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a research note on Monday, January 6th. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Robert W. Baird reissued a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, UBS Group increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.13.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction 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. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,788 shares of company stock worth $5,024,431 in the last quarter. 2.51% of the stock is currently owned by corporate insiders.

Rivian Automotive 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.