Albion Financial Group UT Cuts Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Albion Financial Group UT cut its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 107,030 shares of the electric vehicle automaker’s stock after selling 987 shares during the period. Albion Financial Group UT’s holdings in Rivian Automotive were worth $1,201,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after purchasing an additional 604 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares in the last quarter. Certuity LLC boosted its position in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the period. Finally, Sanders Morris Harris LLC increased its holdings in Rivian Automotive by 8.9% in the 2nd 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. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s 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 sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,305 shares of company stock valued at $3,369,273. Insiders own 2.51% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RIVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Friday, August 16th. Needham & Company LLC decreased their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Mizuho lifted their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Wolfe Research initiated coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, The Goldman Sachs Group dropped their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $17.68.

Rivian Automotive Stock Down 1.5 %

Shares of NASDAQ:RIVN opened at $10.26 on Friday. The company’s fifty day moving average is $12.86 and its two-hundred day moving average is $12.26. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of -1.72 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Equities analysts anticipate that Rivian Automotive, Inc. will post -4.88 EPS for the current year.

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.