Prakash Investment Advisors LLC Has $212,000 Position in Rivian Automotive, Inc. $RIVN

Prakash Investment Advisors LLC cut its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,406 shares of the electric vehicle automaker’s stock after selling 2,000 shares during the period. Prakash Investment Advisors LLC’s holdings in Rivian Automotive were worth $212,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Larson Financial Group LLC boosted its holdings in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock valued at $131,000 after buying an additional 722 shares during the period. Brown Advisory Inc. raised its position in shares of Rivian Automotive by 2.4% in the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock valued at $405,000 after purchasing an additional 772 shares during the period. First National Trust Co increased its position in Rivian Automotive by 5.3% during the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock worth $199,000 after acquiring an additional 800 shares during the period. Assenagon Asset Management S.A. increased its holdings in Rivian Automotive by 1.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker’s stock valued at $750,000 after buying an additional 867 shares during the period. Finally, Blair William & Co. IL increased its holdings in Rivian Automotive by 2.3% in the 1st quarter. Blair William & Co. IL now owns 41,167 shares of the electric vehicle automaker’s stock valued at $513,000 after buying an additional 930 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Trading Up 1.7%

Shares of RIVN opened at $15.79 on Thursday. The firm’s 50 day simple moving average is $13.35 and its 200 day simple moving average is $13.19. The company has a market capitalization of $19.16 billion, a P/E ratio of -4.89 and a beta of 1.81. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the business earned ($1.46) earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wedbush cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Mizuho boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. decreased their price target on shares of Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a research note on Wednesday, August 6th. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Finally, Guggenheim lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Five investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.72.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock worth $577,593 in the last 90 days. Company insiders own 2.16% of the company’s stock.

Rivian Automotive 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.