Baron Wealth Management LLC Has $7.55 Million Stock Holdings in Rivian Automotive, Inc. $RIVN

Baron Wealth Management LLC cut its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 513,953 shares of the electric vehicle automaker’s stock after selling 50,000 shares during the period. Rivian Automotive makes up 2.5% of Baron Wealth Management LLC’s portfolio, making the stock its 7th largest holding. Baron Wealth Management LLC’s holdings in Rivian Automotive were worth $7,545,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Rivian Automotive in the second quarter worth about $105,629,000. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 2.6% in the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock worth $1,086,507,000 after buying an additional 1,983,509 shares during the period. AQR Capital Management LLC lifted its stake in shares of Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after acquiring an additional 1,918,852 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its holdings in Rivian Automotive by 1,353.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after acquiring an additional 1,916,686 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Rivian Automotive by 103.8% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,196,703 shares of the electric vehicle automaker’s stock valued at $30,183,000 after acquiring an additional 1,118,641 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on RIVN. Wedbush increased their target price on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, December 19th. Evercore ISI reaffirmed an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Tigress Financial upped their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have issued a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $15.73.

Insiders Place Their Bets

In other news, Director Peter Krawiec sold 3,655 shares of the business’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. The trade was a 11.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 8,039 shares of the firm’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $18.00, for a total value of $144,702.00. Following the sale, the chief financial officer directly owned 730,017 shares in the company, valued at approximately $13,140,306. The trade was a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 137,604 shares of company stock worth $2,391,863 over the last 90 days. Company insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Down 1.1%

Shares of Rivian Automotive stock opened at $20.67 on Tuesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The stock has a market cap of $25.34 billion, a price-to-earnings ratio of -6.65 and a beta of 1.79. The firm’s 50-day moving average is $16.55 and its two-hundred day moving average is $14.52. Rivian Automotive, Inc. has a 1 year low of $10.36 and a 1 year high of $22.69.

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

About Rivian Automotive

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.