Rivian Automotive, Inc. (NASDAQ:RIVN) Stock Holdings Lifted by HB Wealth Management LLC

HB Wealth Management LLC lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 67.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,119 shares of the electric vehicle automaker’s stock after acquiring an additional 8,493 shares during the quarter. HB Wealth Management LLC’s holdings in Rivian Automotive were worth $283,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RIVN. Principal Securities Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. Fairman Group LLC purchased a new stake in Rivian Automotive during the fourth quarter valued at about $36,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $40,000. Private Wealth Management Group LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth approximately $44,000. Finally, Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred 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 owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. In the last three months, insiders have sold 488,926 shares of company stock worth $7,552,869. 2.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RIVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. Needham & Company LLC decreased their target price on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. The Goldman Sachs Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, July 1st. Finally, Truist Financial lifted their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $18.14.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $14.13 on Friday. The business’s 50-day simple moving average is $14.92 and its 200-day simple moving average is $12.33. 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 52 week low of $8.26 and a 52 week high of $24.87. The firm has a market cap of $14.06 billion, a price-to-earnings ratio of -2.45 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.72 earnings per share for the current fiscal year.

Rivian Automotive Company 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.