Westwood Holdings Group Inc. Raises Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Westwood Holdings Group Inc. lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 22.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 110,505 shares of the electric vehicle automaker’s stock after acquiring an additional 20,394 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Rivian Automotive were worth $1,470,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Dimension Capital Management LLC increased its position in shares of Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 819 shares during the period. Tradition Wealth Management LLC boosted its stake in shares of Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after purchasing an additional 849 shares in the last quarter. RFG Holdings Inc. boosted its stake in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after purchasing an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Freestone Capital Holdings LLC boosted its stake in shares of Rivian Automotive by 4.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after purchasing an additional 1,164 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 3.9%

NASDAQ RIVN opened at $16.92 on Wednesday. The company has a fifty day simple moving average of $12.62 and a two-hundred day simple moving average of $12.60. The stock has a market cap of $19.13 billion, a P/E ratio of -3.58 and a beta of 1.86. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $18.86. 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 (NASDAQ:RIVN) last posted its quarterly 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. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 17,185 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer now owns 824,875 shares of the company’s stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the firm’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the transaction, the chief executive officer now directly owns 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 384,265 shares of company stock valued at $5,201,750. Insiders own 2.16% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RIVN shares. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 price objective on the stock. Benchmark reiterated a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.24.

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.