Farther Finance Advisors LLC Purchases 81,291 Shares of Rivian Automotive, Inc. $RIVN

Farther Finance Advisors LLC boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 227.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 117,096 shares of the electric vehicle automaker’s stock after buying an additional 81,291 shares during the period. Farther Finance Advisors LLC’s holdings in Rivian Automotive were worth $1,719,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Fairman Group LLC bought a new stake in Rivian Automotive during the second quarter valued at approximately $31,000. Banque Transatlantique SA lifted its position in Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares during the last quarter. Finally, WPG Advisers LLC purchased a new position in Rivian Automotive in the 1st quarter worth approximately $34,000. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. UBS Group raised their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a research note on Monday, December 8th. DA Davidson increased their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Finally, Robert W. Baird upgraded Rivian Automotive from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $14.00 to $25.00 in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Stock Down 1.1%

RIVN opened at $20.90 on Friday. The company has a market cap of $25.62 billion, a P/E ratio of -6.72 and a beta of 1.79. The business’s 50-day moving average price is $16.40 and its 200-day moving average price is $14.47. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. Rivian Automotive, Inc. has a 12 month low of $10.36 and a 12 month high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the business posted ($1.08) EPS. Rivian Automotive’s quarterly revenue was up 78.3% compared to the same quarter last year. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total transaction of $305,898.50. Following the completion of the sale, the chief executive officer directly owned 1,167,559 shares in the company, valued at $20,467,309.27. This represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter Krawiec sold 3,655 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the sale, the director directly owned 29,122 shares of the company’s stock, valued at $566,422.90. The trade was a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 120,154 shares of company stock valued at $2,017,909. 2.16% of the stock is currently owned by company insiders.

Rivian Automotive Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.