Albion Financial Group UT Cuts Position in Rivian Automotive, Inc. $RIVN

Albion Financial Group UT lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 108,670 shares of the electric vehicle automaker’s stock after selling 1,226 shares during the period. Albion Financial Group UT’s holdings in Rivian Automotive were worth $1,493,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Rivian Automotive by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Nuveen LLC purchased a new stake in Rivian Automotive during the first quarter worth $33,582,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Rivian Automotive by 1,726.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker’s stock valued at $13,422,000 after purchasing an additional 1,019,038 shares during the last quarter. Point72 Europe London LLP acquired a new stake in Rivian Automotive in the first quarter valued at $10,204,000. Finally, Northern Trust Corp increased its position in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after buying an additional 809,064 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was 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 of the company’s stock, valued at approximately $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by insiders.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $15.59 on Monday. The company has a market cap of $18.92 billion, a P/E ratio of -4.83 and a beta of 1.81. The business has a fifty day simple moving average of $13.44 and a 200-day simple moving average of $13.29. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73.

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

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley lowered their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. Stifel Nicolaus dropped their price objective 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. Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.72.

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.