Summit Securities Group LLC Purchases 1,693 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Summit Securities Group LLC grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 74.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,952 shares of the electric vehicle automaker’s stock after acquiring an additional 1,693 shares during the quarter. Summit Securities Group LLC’s holdings in Rivian Automotive were worth $53,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of RIVN. Tandem Financial LLC bought a new stake in Rivian Automotive in the fourth quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive in the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at about $28,000. Bear Mountain Capital Inc. lifted its holdings in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its position in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

Shares of RIVN opened at $12.41 on Monday. The stock has a 50-day moving average of $12.26 and a two-hundred day moving average of $12.12. 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 cap of $14.03 billion, a P/E ratio of -2.63 and a beta of 2.03. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86.

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

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,588,475 in the last ninety days. Insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIVN. Barclays upped their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. TD Cowen started coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Guggenheim dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Bank of America downgraded shares of 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, February 24th. Finally, Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus price target 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.