August 31, 2023 – &PFG Investments LLC has recently made a notable move in the investment world by acquiring a new position in Rivian Automotive, Inc. (NASDAQ:RIVN). According to the company’s latest Form 13F filing with the Securities and Exchange Commission, &PFG Investments LLC purchased 10,103 shares of the electric vehicle automaker’s stock during the first quarter. The total value of this acquisition is estimated at approximately $156,000.
Based on recent market activity, Rivian Automotive, Inc., listed on the NASDAQ under ticker symbol RIVN, opened trading at $22.31 on Wednesday. The company’s financials show a debt-to-equity ratio of 0.23, indicating a relatively low level of debt compared to its equity. Furthermore, its current ratio stands at 5.66, demonstrating that it possesses sufficient resources to cover its short-term obligations. Additionally, Rivian Automotive has a quick ratio of 4.71, suggesting strong liquidity.
Over the past year, Rivian Automotive has experienced significant fluctuations in its stock price. Its 1-year low was recorded at $11.68 while its 1-year high reached $40.86. As of now, the company boasts a market capitalization of $21.15 billion and operates with a price-to-earnings (PE) ratio of -3.45—a key financial metric used to evaluate companies within the automotive industry. With regards to market risk assessment, Rivian Automotive carries a beta of 2.11.
Taking into consideration recent trends in stock performance for RIVN, we note that its stock’s 50-day simple moving average is reported at $21.91 while the 200-day simple moving average stands at $17.27.
In light of these statistics and developments within the automotive industry as a whole, analysts and investors alike may find it valuable to review the latest research report on Rivian Automotive, Inc. The report explores various aspects of the company, providing in-depth analysis and insights into its operations, financials, and market positioning.
Investors are advised to carefully consider all available information and conduct thorough due diligence before making any investment decisions. Market conditions can change rapidly, and it is crucial to stay well-informed in order to make informed choices that align with one’s investment goals and risk tolerance.
NOTE: This article is based on publicly available information as of August 31, 2023. Any changes or updates subsequent to this date may alter the accuracy or relevance of the data presented here.
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Institutional Investors and Insiders Show Confidence in Rivian Automotive as Stock Gains Momentum
Rivian Automotive, the electric vehicle automaker, has caught the attention of institutional investors and hedge funds in recent months. Among these investors, Moneta Group Investment Advisors LLC stands out with its purchase of a significant stake in Rivian Automotive during the fourth quarter of last year. The stake was worth an impressive $228,175,000.
Not to be outdone, FMR LLC also increased its holdings in Rivian Automotive during the first quarter, acquiring an additional 8,427,507 shares of stock. This move resulted in FMR LLC owning a total of 34,126,728 shares valued at $528,282,000. Mirae Asset Global Investments Co. Ltd. also experienced significant growth in its stake during the same period. Their ownership rose by a staggering 20,951.4% as they purchased an additional 6,329,418 shares valued at $117,208,000.
State Street Corp joined the ranks as well by increasing its holdings in Rivian Automotive by 145.5% in the third quarter. They added another 5,371,852 shares to their portfolio bringing their total ownership to 9,064,249 shares valued at $298,304.
Norges Bank entered the scene too as it made a new position in Rivian Automotive worth approximately $85,5900 during the fourth quarter.
In total , hedge funds and other institutional investors now own approximately 62.79% of Rivian Automotive’s stock.
However , it is not just institutional investors that have been making moves with regards to Rivian Automotive stock . Top executives within the company have recently taken part in various stock sales as well .
CFO Claire Mcdonough sold multiple shares on June 8th alone . With each share being sold on average for around $13.71 , Mcdonough accumulated profit for herself and generated some revenue for her company as well . Mcdonough’s stock sale amounted up to a grand total of $49,698.75 , which provided her with additional capital for future investments or personal ventures.
This recent bout of insider selling is reflective of a broader trend within the company. Over the past three months, insiders have sold a cumulative total of 54,423 shares worth approximately $793,029. This amounts to around 2.30% of the company’s stock being owned by insiders.
Rivian Automotive recently released its quarterly earnings data on August 8th, revealing better-than-expected results for Q2. The company reported earnings per share of ($1.08), surpassing analysts’ consensus estimates by $0.34. Additionally, while Rivian Automotive had a negative return on equity and net margin during the quarter, it managed to achieve revenue of $1.12 billion compared to initial projections of $1.02 billion.
Equity research analysts have weighed in on Rivian Automotive’s performance as well. Mizuho and Truist Financial both increased their target prices for Rivian Automotive’s stock following the release of its quarterly earnings data.
Furthermore, BNP Paribas upgraded their rating for Rivian Automotive from “neutral” to “outperform” and set a target price of $30 for the stock.
Canaccord Genuity Group joined in this favorable sentiment by boosting their price objective on Rivian Automotive from $40 to $44 per share and giving the company a “buy” rating.
However, not all analysts are bullish on Rivian Automotive as one analyst has maintained a sell rating on the stock.
Based on these analyst ratings and Bloomberg.com data, it can be concluded that there is a moderate buy sentiment towards Rivian Automotive stock with an average consensus price target of $29.10.
Overall, amidst growing investor interest and positive earnings reports, Rivian Automotive seems poised for continued success in the electric vehicle market. With institutional investors increasing their stakes and insider activities indicating confidence in the company, Rivian Automotive remains a compelling player to watch in the industry.
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