Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Acorn Financial Advisory Services Inc. ADV

Acorn Financial Advisory Services Inc. ADV decreased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 72.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,838 shares of the electric vehicle automaker's stock after selling 39,895 shares during the quarter. Acorn Financial Advisory Services Inc. ADV's holdings in Rivian Automotive were worth $199,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its stake in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock valued at $492,000 after purchasing an additional 604 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after acquiring an additional 670 shares during the period. Laidlaw Wealth Management LLC raised its holdings in shares of Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker's stock valued at $241,000 after purchasing an additional 718 shares during the last quarter. GAMMA Investing LLC grew its position in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock worth $47,000 after purchasing an additional 760 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Rivian Automotive by 18.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker's stock valued at $122,000 after buying an additional 802 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 488,926 shares of company stock worth $7,552,869. Insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RIVN shares. Royal Bank of Canada restated a "sector perform" rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Friday, August 16th. DA Davidson upped their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, June 28th. Canaccord Genuity Group increased their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, July 1st. Mizuho boosted their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a "neutral" rating in a research report on Friday, July 12th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Tuesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $18.14.

Rivian Automotive Price Performance

Rivian Automotive stock traded up $0.13 during midday trading on Wednesday, reaching $13.28. 18,052,660 shares of the stock traded hands, compared to its average volume of 41,210,645. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.87. The stock's fifty day moving average is $14.98 and its 200-day moving average is $12.25. The stock has a market cap of $13.39 billion, a P/E ratio of -2.30 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.72 EPS for the current 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.