Axxcess Wealth Management LLC Grows Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Axxcess Wealth Management LLC lifted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 57,507 shares of the electric vehicle automaker’s stock after purchasing an additional 3,571 shares during the period. Axxcess Wealth Management LLC’s holdings in Rivian Automotive were worth $765,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in RIVN. Geode Capital Management LLC increased its holdings in Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after buying an additional 223,860 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after purchasing an additional 133,781 shares in the last quarter. Swiss National Bank raised its holdings in Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after purchasing an additional 45,200 shares during the period. Raymond James Financial Inc. bought a new position in Rivian Automotive in the 4th quarter worth $9,432,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in Rivian Automotive by 17.2% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 589,382 shares of the electric vehicle automaker’s stock valued at $6,613,000 after purchasing an additional 86,433 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 335,076 shares of the company’s stock, 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 185,427 shares of company stock valued at $2,735,619 in the last ninety days. Insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.88 on Friday. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86. The company has a market cap of $12.30 billion, a price-to-earnings ratio of -2.31 and a beta of 2.03. The firm’s fifty day moving average is $12.45 and its 200 day moving average is $12.19. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for 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%. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Cowen assumed coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Robert W. Baird restated a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Barclays upped their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Benchmark restated a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday. Finally, UBS Group upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.38.

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.