Golden State Wealth Management Doubles Investment in Rivian Automotive

Golden State Wealth Management LLC has significantly increased its investment in Rivian Automotive, Inc. (NASDAQ:RIVN), boosting its holdings by 107.9% in the first quarter. According to the company’s latest 13F filing with the Securities and Exchange Commission (SEC), the fund now owns 3,302 shares of the electric vehicle manufacturer after acquiring an additional 1,714 shares. The total value of Golden State’s holdings in Rivian was approximately $41,000 at the end of the quarter.

This substantial increase in investment by Golden State Wealth Management is part of a broader trend among institutional investors and hedge funds who have been actively buying and selling shares of Rivian. Notably, PFS Partners LLC raised its stake in Rivian by 1,882.0% during the same period, now owning 1,982 shares valued at $25,000 after purchasing an additional 1,882 shares.

Institutional Interest and Market Performance

Other investors have also shown interest in Rivian. Orion Capital Management LLC and Quarry LP both purchased new positions in Rivian during the fourth quarter, valued at approximately $34,000 and $38,000, respectively. Meanwhile, AllSquare Wealth Management LLC increased its stake by 8,794.1%, now holding 3,024 shares worth $40,000.

AdvisorNet Financial Inc also lifted its position in Rivian by 81.4% in the first quarter, owning 3,792 shares valued at $47,000. Overall, hedge funds and institutional investors own 66.25% of Rivian’s stock, indicating strong institutional confidence in the company’s potential.

Analyst Ratings and Stock Performance

Rivian Automotive has been the subject of various research reports. Wells Fargo & Company recently lowered their price objective for Rivian from $14.00 to $13.00, maintaining an “equal weight” rating. Similarly, JPMorgan Chase & Co. cut their target price from $11.00 to $10.00, assigning an “underweight” rating.

Conversely, Guggenheim reiterated a “buy” rating with a target price of $16.00, while UBS Group increased their price objective from $12.00 to $13.00, giving the company a “neutral” rating. According to MarketBeat.com, Rivian holds a consensus rating of “Hold” with a consensus price target of $14.38.

Three analysts have rated the stock as a sell, eighteen as hold, and six as buy.

Financial Performance and Future Outlook

Rivian’s stock opened at $13.47 on Wednesday, with a 50-day simple moving average of $14.18 and a 200-day simple moving average of $13.16. The company boasts a market cap of $15.23 billion, though it operates with a negative P/E ratio of -3.62 and a beta of 1.81. Rivian’s stock has fluctuated between a low of $9.50 and a high of $18.86 over the past year.

The company reported its quarterly earnings on May 6th, revealing a loss of $0.57 per share, which surpassed analysts’ expectations of a $0.80 loss. Rivian’s revenue for the quarter was $1.24 billion, exceeding analyst estimates of $981.52 million. Despite a negative net margin of 76.83% and a negative return on equity of 60.64%, the company’s revenue increased by 3.0% year-over-year.

Analysts predict Rivian will post a loss of -3.2 earnings per share for the current fiscal year.

Insider Transactions and Company Profile

In recent insider transactions, CFO Claire Mcdonough sold 17,185 shares of Rivian stock, while CEO Robert J. Scaringe sold 71,428 shares. These transactions resulted in a 2.04% and 4.59% decrease in their respective positions. Insiders have sold a total of 312,836 shares valued at $4,357,459 over the past three months, with corporate insiders owning 2.16% of the company’s stock.

Rivian Automotive, Inc., along with its subsidiaries, is involved in the design, development, manufacturing, and sale of electric vehicles and accessories. The company offers consumer vehicles such as the two-row, five-passenger R1T pickup truck and the three-row, seven-passenger R1S sport utility vehicle.

As Rivian continues to navigate the competitive electric vehicle market, the company’s performance and strategic decisions will be closely monitored by investors and analysts alike. With a strong institutional backing and a growing product lineup, Rivian’s future remains a topic of keen interest.

About The Author