Wedmont Private Capital Takes $199,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Wedmont Private Capital acquired a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,802 shares of the electric vehicle automaker’s stock, valued at approximately $199,000.

Other institutional investors have also recently made changes to their positions in the company. Principal Securities Inc. purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $33,000. Fairman Group LLC purchased a new position in Rivian Automotive in the fourth quarter worth about $36,000. Parkside Financial Bank & Trust grew its position in Rivian Automotive by 86.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after acquiring an additional 784 shares in the last quarter. Pacific Capital Wealth Advisors Inc. purchased a new position in Rivian Automotive in the fourth quarter worth about $40,000. Finally, Private Wealth Management Group LLC purchased a new position in Rivian Automotive in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold 485,716 shares of company stock valued at $7,509,309 over the last ninety days. 2.30% of the stock is currently owned by insiders.

Rivian Automotive Stock Up 1.1 %

Shares of RIVN opened at $13.54 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.87. The company’s fifty day moving average price is $14.28 and its 200-day moving average price is $12.47.

Analyst Ratings Changes

Several research analysts recently commented on RIVN shares. Truist Financial lifted their price target on Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research report on Monday, August 5th. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Barclays raised their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 16th. Finally, Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.09.

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.