Brooklyn Investment Group Takes $64,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Brooklyn Investment Group bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 5,709 shares of the electric vehicle automaker’s stock, valued at approximately $64,000.

Other institutional investors also recently modified their holdings of the company. Quent Capital LLC lifted its stake in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. GHP Investment Advisors Inc. lifted its stake in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Rivian Automotive in the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. lifted its stake in 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 during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

Shares of RIVN opened at $12.22 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61. The company has a 50-day simple moving average of $10.67 and a two-hundred day simple moving average of $12.45. The firm has a market capitalization of $12.47 billion, a PE ratio of -2.18 and a beta of 2.04.

Analysts Set New Price Targets

Several research firms have issued reports on RIVN. 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 research report on Wednesday, October 16th. Stifel Nicolaus dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Guggenheim dropped their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler dropped their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Finally, Canaccord Genuity Group dropped their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.73.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 8.59 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,210 shares of company stock worth $3,079,695. Insiders own 2.51% of the company’s stock.

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.