Janney Montgomery Scott LLC reduced its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 38.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,114 shares of the electric vehicle automaker's stock after selling 62,853 shares during the period. Janney Montgomery Scott LLC's holdings in Rivian Automotive were worth $1,112,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of RIVN. Empowered Funds LLC acquired a new position in Rivian Automotive in the 1st quarter worth $111,000. Bleakley Financial Group LLC lifted its stake in shares of Rivian Automotive by 127.1% in the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker's stock worth $245,000 after acquiring an additional 12,514 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Rivian Automotive by 14.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker's stock valued at $5,487,000 after purchasing an additional 62,199 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in Rivian Automotive by 21.0% in the first quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker's stock valued at $133,000 after purchasing an additional 2,101 shares during the last quarter. Finally, Mizuho Markets Americas LLC grew its stake in Rivian Automotive by 44.0% during the 1st quarter. Mizuho Markets Americas LLC now owns 511,713 shares of the electric vehicle automaker's stock valued at $5,603,000 after purchasing an additional 156,245 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.51% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the stock. Mizuho cut their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a report on Monday, November 4th. Robert W. Baird cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Friday, November 8th. Needham & Company LLC decreased their price target on Rivian Automotive from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, November 8th. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and a consensus price target of $15.73.
Read Our Latest Stock Report on RIVN
Rivian Automotive Price Performance
Shares of Rivian Automotive stock traded down $0.25 during trading on Friday, hitting $10.06. The stock had a trading volume of 79,212,645 shares, compared to its average volume of 39,674,785. The business has a fifty day moving average of $11.09 and a two-hundred day moving average of $12.38. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The firm has a market cap of $10.14 billion, a P/E ratio of -1.80 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01.
About Rivian Automotive
(
Free Report)
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.
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