Austin Private Wealth LLC Sells 6,150 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Austin Private Wealth LLC decreased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 31.4% during the 3rd quarter, Holdings Channel reports. The firm owned 13,424 shares of the electric vehicle automaker’s stock after selling 6,150 shares during the quarter. Austin Private Wealth LLC’s holdings in Rivian Automotive were worth $151,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RIVN. Assenagon Asset Management S.A. boosted its holdings in 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 worth $492,000 after acquiring an additional 604 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares in the last quarter. Certuity LLC lifted its holdings in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC lifted its holdings in shares of Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after purchasing an additional 823 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.59 on Wednesday. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61. The business has a fifty day moving average price of $11.59 and a 200-day moving average price of $12.34. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The firm has a market capitalization of $10.68 billion, a P/E ratio of -1.78 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -4.84 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock valued at $2,153,551 over the last three months. Company insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Wolfe Research initiated coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Truist Financial dropped their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, August 7th. Finally, UBS Group decreased their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $16.95.

About Rivian Automotive

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.