Formidable Asset Management LLC Makes New Investment in Rivian Automotive, Inc. $RIVN

Formidable Asset Management LLC bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 31,494 shares of the electric vehicle automaker’s stock, valued at approximately $474,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Core Wealth Advisors LLC bought a new position in Rivian Automotive in the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. raised its stake in shares of Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 852 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 7.5%

Shares of Rivian Automotive stock opened at $16.81 on Tuesday. The business has a fifty day simple moving average of $15.59 and a two-hundred day simple moving average of $16.27. Rivian Automotive, Inc. has a 1 year low of $11.57 and a 1 year high of $22.69. The company has a market capitalization of $20.86 billion, a price-to-earnings ratio of -5.76 and a beta of 1.62. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. BNP Paribas Exane restated an “outperform” rating and set a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 10th. Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. TD Cowen reissued a “buy” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Finally, Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $18.57.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the sale, the chief financial officer owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This represents a 1.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 80,076 shares of company stock worth $1,256,286. Corporate insiders own 1.48% of the company’s stock.

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.