Rivian Automotive, Inc. $RIVN Shares Purchased by Austin Private Wealth LLC

Austin Private Wealth LLC boosted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 32.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 44,644 shares of the electric vehicle automaker’s stock after purchasing an additional 10,936 shares during the period. Austin Private Wealth LLC’s holdings in Rivian Automotive were worth $613,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in RIVN. Brighton Jones LLC increased its position in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares during the period. Oppenheimer & Co. Inc. increased its position in Rivian Automotive by 30.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 34,842 shares of the electric vehicle automaker’s stock valued at $434,000 after acquiring an additional 8,231 shares during the period. Golden State Wealth Management LLC increased its position in Rivian Automotive by 107.9% in the 1st quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker’s stock valued at $41,000 after acquiring an additional 1,714 shares during the period. Perigon Wealth Management LLC increased its position in Rivian Automotive by 18.1% in the 1st quarter. Perigon Wealth Management LLC now owns 16,089 shares of the electric vehicle automaker’s stock valued at $200,000 after acquiring an additional 2,467 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its position in Rivian Automotive by 51.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 255,695 shares of the electric vehicle automaker’s stock valued at $3,183,000 after acquiring an additional 87,185 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on RIVN. Wedbush dropped their price target on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Zacks Research cut Rivian Automotive from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Morgan Stanley dropped their target price on 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. Canaccord Genuity Group reiterated a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a research report on Friday, October 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $13.76.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $13.50 on Wednesday. The business’s 50 day moving average is $13.75 and its two-hundred day moving average is $13.55. The stock has a market capitalization of $16.38 billion, a price-to-earnings ratio of -4.18 and a beta of 1.82. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15.

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

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at $18,426,870. The trade was a 1.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,147 shares of company stock worth $577,593 in the last three months. Corporate insiders own 2.16% of the company’s stock.

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.