Kingsview Wealth Management LLC Purchases 2,101 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) (2024)

Posted by Defense World Staff on Jul 23rd, 2024

Kingsview Wealth Management LLC lifted its position in Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 21.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,109 shares of the electric vehicle automaker’s stock after purchasing an additional 2,101 shares during the period. Kingsview Wealth Management LLC’s holdings in Rivian Automotive were worth $133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. raised its holdings in Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after acquiring an additional 651 shares during the period. Laidlaw Wealth Management LLC raised its stake in Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares during the period. Jamison Private Wealth Management Inc. lifted its holdings in Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after purchasing an additional 727 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after purchasing an additional 784 shares during the period. Finally, Xponance Inc. grew its holdings in Rivian Automotive by 3.3% during the 4th quarter. Xponance Inc. now owns 24,886 shares of the electric vehicle automaker’s stock valued at $584,000 after buying an additional 802 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The disclosure for this sale can be found here. In the last ninety days, insiders sold 414,287 shares of company stock worth $6,293,588. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Truist Financial upped their target price on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday, June 26th. Wells Fargo & Company increased their price objective on shares of Rivian Automotive from $10.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. DA Davidson increased their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Finally, UBS Group upped their price objective on Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.79.

View Our Latest Report on Rivian Automotive

Rivian Automotive Trading Up 2.8 %

Shares of RIVN opened at $17.22 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The firm has a market capitalization of $17.14 billion, a price-to-earnings ratio of -2.98 and a beta of 2.07. The company has a 50-day moving average of $12.79 and a 200 day moving average of $12.69. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $28.06.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. On average, research analysts expect that Rivian Automotive, Inc. will post -4.95 EPS for the current year.