World Equity Group Inc. Acquires Shares of 15,864 Rivian Automotive, Inc. (NASDAQ:RIVN)

World Equity Group Inc. acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 15,864 shares of the electric vehicle automaker’s stock, valued at approximately $211,000.

Other large investors also recently bought and sold shares of the company. Tandem Financial LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. grew its position in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC grew its position in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on RIVN shares. Guggenheim reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their target price for the company from $13.00 to $15.00 in a research note on Friday. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $13.00 to $10.00 in a research note on Monday. Finally, Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Stock Performance

RIVN stock opened at $11.96 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market capitalization of $12.21 billion, a price-to-earnings ratio of -2.53 and a beta of 2.04. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.85. The stock’s fifty day moving average is $13.49 and its two-hundred day moving average is $12.48.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,357 shares of company stock valued at $3,988,140. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Profile

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.