Private Advisory Group LLC Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Private Advisory Group LLC acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 187,933 shares of the electric vehicle automaker's stock, valued at approximately $2,109,000.

Other large investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its holdings in shares of Rivian Automotive by 1.7% in the second 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 in the last quarter. First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after buying an additional 670 shares in the last quarter. GAMMA Investing LLC boosted 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 valued at $47,000 after buying an additional 760 shares during the last quarter. Certuity LLC increased its stake in shares of Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker's stock valued at $145,000 after buying an additional 815 shares during the period. Finally, Sanders Morris Harris LLC raised its position in shares of Rivian Automotive by 8.9% during the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker's stock worth $136,000 after acquiring an additional 823 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $15,482,940.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock worth $3,369,273 over the last ninety days. Insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Mizuho raised their price target on Rivian Automotive from $11.00 to $15.00 and gave the company a "neutral" rating in a report on Friday, July 12th. Piper Sandler reaffirmed an "overweight" rating and issued a $21.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 26th. Barclays boosted their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an "underweight" rating in a research note on Wednesday, June 26th. Finally, Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $17.68.

Rivian Automotive Stock Up 2.3 %

NASDAQ RIVN traded up $0.24 on Friday, reaching $10.50. The company had a trading volume of 24,671,362 shares, compared to its average volume of 39,991,344. The company's fifty day moving average is $12.86 and its 200-day moving average is $12.26. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61. The firm has a market capitalization of $10.45 billion, a price-to-earnings ratio of -1.80 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (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 firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. On average, research analysts forecast that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

Rivian Automotive Company Profile

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.