Pacific Capital Wealth Advisors Inc. Buys Shares of 1,695 Rivian Automotive, Inc. (NASDAQ:RIVN)

Pacific Capital Wealth Advisors Inc. bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,695 shares of the electric vehicle automaker’s stock, valued at approximately $40,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive during the 4th quarter worth approximately $26,000. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive during the third quarter worth $27,000. First Horizon Advisors Inc. lifted its position in Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares in the last quarter. Arlington Trust Co LLC acquired a new position in Rivian Automotive in the 4th quarter worth $35,000. Finally, Parkside Financial Bank & Trust increased its holdings in Rivian Automotive by 86.6% during 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 in the last quarter. 66.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RIVN. Wells Fargo & Company decreased their price objective on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Evercore ISI lowered their price objective on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. DA Davidson reduced their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Finally, UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective for the company in a research note on Tuesday, April 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.57.

Insiders Place Their Bets

In other news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock traded down $0.08 on Tuesday, reaching $10.25. 96,881,010 shares of the stock were exchanged, compared to its average volume of 42,481,855. The firm’s 50 day moving average is $10.37 and its 200-day moving average is $15.04. The firm has a market cap of $10.02 billion, a PE ratio of -1.79 and a beta of 1.91. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.77 EPS for the current fiscal year.

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.