Meritage Portfolio Management Raises Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Meritage Portfolio Management grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 13.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 51,577 shares of the electric vehicle automaker’s stock after purchasing an additional 6,164 shares during the quarter. Meritage Portfolio Management’s holdings in Rivian Automotive were worth $1,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive in the 3rd quarter valued at about $27,000. Bear Mountain Capital Inc. purchased a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $26,000. MCF Advisors LLC lifted its stake in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after purchasing an additional 1,000 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of 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 purchasing an additional 1,245 shares during the period. Finally, Arlington Trust Co LLC purchased a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research note on Tuesday, April 16th. Truist Financial reiterated a “hold” rating and set a $11.00 price objective on shares of Rivian Automotive in a research note on Friday, April 12th. DA Davidson lowered their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Finally, Jefferies Financial Group began coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Trading Up 5.0 %

NASDAQ:RIVN traded up $0.43 during midday trading on Friday, hitting $8.95. The stock had a trading volume of 21,501,134 shares, compared to its average volume of 42,242,031. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $28.06. The company has a market capitalization of $8.75 billion, a price-to-earnings ratio of -1.55 and a beta of 1.88. The stock has a 50-day moving average of $10.98 and a 200 day moving average of $15.60. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during 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, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.76 EPS for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,306 shares of company stock worth $717,274. Insiders own 2.30% of the company’s stock.

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.