Guggenheim Capital LLC raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 13.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 204,110 shares of the electric vehicle automaker’s stock after acquiring an additional 24,918 shares during the period. Guggenheim Capital LLC’s holdings in Rivian Automotive were worth $3,160,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also bought and sold shares of the company. GPS Wealth Strategies Group LLC bought a new position in Rivian Automotive during the first quarter valued at $25,000. Manchester Capital Management LLC increased its position in Rivian Automotive by 89.3% during the first quarter. Manchester Capital Management LLC now owns 1,687 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 796 shares during the last quarter. U.S. Capital Wealth Advisors LLC bought a new position in Rivian Automotive during the fourth quarter valued at $28,000. Resurgent Financial Advisors LLC bought a new position in Rivian Automotive during the fourth quarter valued at $30,000. Finally, Quadrant Capital Group LLC increased its position in Rivian Automotive by 69.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,659 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 680 shares during the last quarter. Institutional investors own 62.79% of the company’s stock.
Insider Activity at Rivian Automotive
In related news, CAO Jeff Baker sold 30,798 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were 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 of the company’s stock, valued at approximately $1,561,198.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Jeff Baker sold 30,798 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were 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 of the company’s stock, valued at approximately $1,561,198.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,625 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $13.71, for a total transaction of $49,698.75. Following the completion of the transaction, the chief financial officer now directly owns 72,304 shares of the company’s stock, valued at $991,287.84. The disclosure for this sale can be found here. Insiders sold 54,423 shares of company stock valued at $793,029 in the last three months. 2.30% of the stock is owned by insiders.
Rivian Automotive Stock Up 2.3 %
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its quarterly earnings results on Tuesday, August 8th. The electric vehicle automaker reported ($1.08) EPS for the quarter, beating the consensus estimate of ($1.42) by $0.34. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.02 billion. Rivian Automotive had a negative net margin of 200.97% and a negative return on equity of 38.91%. The company’s quarterly revenue was up 208.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.89) earnings per share. As a group, research analysts forecast that Rivian Automotive, Inc. will post -5.89 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the stock. Barclays boosted their price objective on shares of Rivian Automotive from $22.00 to $30.00 in a research report on Monday, July 10th. Piper Sandler upped their price target on shares of Rivian Automotive from $14.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, August 9th. Wells Fargo & Company upped their price target on shares of Rivian Automotive from $14.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 9th. Robert W. Baird upped their price target on shares of Rivian Automotive from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, August 9th. Finally, Truist Financial upped their price target on shares of Rivian Automotive from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.10.
Read Our Latest Stock Analysis on RIVN
Rivian Automotive Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.
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