Private Advisor Group LLC Has $1.14 Million Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Private Advisor Group LLC lessened its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 95.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,076 shares of the electric vehicle automaker’s stock after selling 1,030,527 shares during the period. Private Advisor Group LLC’s holdings in Rivian Automotive were worth $1,143,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $228,175,000. State Street Corp grew its holdings in shares of Rivian Automotive by 145.5% during the 3rd quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock worth $298,304,000 after purchasing an additional 5,371,852 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Rivian Automotive by 9.7% during the 2nd quarter. BlackRock Inc. now owns 55,827,991 shares of the electric vehicle automaker’s stock worth $930,094,000 after purchasing an additional 4,924,020 shares in the last quarter. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter valued at about $85,590,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Rivian Automotive by 38.7% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,504,619 shares of the electric vehicle automaker’s stock valued at $141,687,000 after purchasing an additional 2,374,790 shares in the last quarter. 62.79% of the stock is owned by institutional investors.

Rivian Automotive Stock Down 2.9 %

Rivian Automotive stock opened at $15.66 on Wednesday. The stock’s 50 day moving average is $19.11 and its 200 day moving average is $20.40. The company has a quick ratio of 3.64, a current ratio of 4.61 and a debt-to-equity ratio of 0.26. Rivian Automotive, Inc. has a one year low of $11.68 and a one year high of $28.06.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its quarterly earnings data on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) EPS for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.17. Rivian Automotive had a negative net margin of 148.97% and a negative return on equity of 42.17%. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm posted ($1.57) EPS. The company’s quarterly revenue was up 149.4% on a year-over-year basis. On average, research analysts anticipate that Rivian Automotive, Inc. will post -5.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,265 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $17.08, for a total value of $55,766.20. Following the transaction, the chief financial officer now directly owns 173,030 shares of the company’s stock, valued at approximately $2,955,352.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on RIVN shares. Wells Fargo & Company decreased their target price on shares of Rivian Automotive from $24.00 to $19.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 8th. Barclays lowered their price objective on shares of Rivian Automotive from $27.00 to $25.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. The Goldman Sachs Group reduced their target price on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, January 25th. Wolfe Research reissued a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Finally, Stifel Nicolaus began coverage on Rivian Automotive in a research note on Thursday, December 7th. They issued a “buy” rating and a $23.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.24.

Check Out Our Latest Research Report on RIVN

Rivian Automotive Profile

(Free Report)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.

Further Reading

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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