Mackenzie Financial Corp Buys New Shares in Rivian Automotive, Inc. (NASDAQ:RIVN)

Mackenzie Financial Corp bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 33,680 shares of the electric vehicle automaker’s stock, valued at approximately $790,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ancora Advisors LLC purchased a new position in Rivian Automotive in the third quarter valued at $27,000. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at $26,000. MCF Advisors LLC raised its stake in Rivian Automotive by 396.8% in the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after buying an additional 1,000 shares in the last quarter. First Horizon Advisors Inc. raised its stake in Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after buying an additional 1,245 shares in the last quarter. Finally, Arlington Trust Co LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at $35,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Down 3.6 %

Shares of Rivian Automotive stock opened at $8.52 on Friday. 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 1 year low of $8.26 and a 1 year high of $28.06. The business has a 50 day moving average price of $11.13 and a 200 day moving average price of $15.65.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Stifel Nicolaus cut their price target on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. Morgan Stanley cut their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Finally, Truist Financial reiterated a “hold” rating and set a $11.00 target price on shares of Rivian Automotive in a research report on Friday, April 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average target price of $19.61.

Insider Buying and Selling

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the business’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 completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the business’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 completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the company’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 sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last ninety days. 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.