Creative Planning Buys 9,416 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Posted by Defense World Staff on Jun 5th, 2023

Creative Planning raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,649 shares of the electric vehicle automaker’s stock after buying an additional 9,416 shares during the period. Creative Planning’s holdings in Rivian Automotive were worth $1,357,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in RIVN. PNC Financial Services Group Inc. grew its position in shares of Rivian Automotive by 31.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after buying an additional 2,532 shares during the last quarter. D.A. Davidson & CO. grew its stake in Rivian Automotive by 9.1% during the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after purchasing an additional 515 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Rivian Automotive during the first quarter worth approximately $493,000. MetLife Investment Management LLC acquired a new stake in Rivian Automotive during the first quarter worth approximately $231,000. Finally, Rhumbline Advisers grew its stake in Rivian Automotive by 5.3% during the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock worth $6,633,000 after purchasing an additional 6,690 shares during the period. Institutional investors own 67.97% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Barclays decreased their target price on Rivian Automotive from $28.00 to $22.00 in a research note on Wednesday, May 10th. Evercore ISI reduced their price objective on Rivian Automotive from $35.00 to $25.00 in a research note on Monday, March 6th. Wells Fargo & Company reduced their price objective on Rivian Automotive from $32.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday, February 24th. Mizuho reduced their price objective on Rivian Automotive from $35.00 to $30.00 in a research note on Wednesday, May 10th. Finally, Cantor Fitzgerald reduced their price objective on Rivian Automotive from $30.00 to $27.00 and set an “overweight” rating for the company in a research note on Wednesday, March 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $27.74.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $14.48 on Monday. The business’s fifty day simple moving average is $13.78 and its 200 day simple moving average is $17.88. The company has a current ratio of 5.88, a quick ratio of 5.08 and a debt-to-equity ratio of 0.21. Rivian Automotive, Inc. has a 12 month low of $11.68 and a 12 month high of $40.86.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The electric vehicle automaker reported ($1.25) earnings per share for the quarter, beating the consensus estimate of ($1.51) by $0.26. The company had revenue of $661.00 million during the quarter, compared to analysts’ expectations of $661.97 million. Rivian Automotive had a negative return on equity of 40.23% and a negative net margin of 292.63%. The firm’s quarterly revenue was up 595.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.43) earnings per share. Research analysts expect that Rivian Automotive, Inc. will post -5.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Jeff Baker sold 30,798 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $14.70, for a total value of $452,730.60. Following the completion of the transaction, the chief accounting officer now directly owns 106,204 shares in the company, valued at approximately $1,561,198.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.34% of the stock is owned by company insiders.

About Rivian Automotive

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.