Delap Wealth Advisory LLC Acquires 14,900 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Delap Wealth Advisory LLC raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 90.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,453 shares of the electric vehicle automaker’s stock after acquiring an additional 14,900 shares during the quarter. Delap Wealth Advisory LLC’s holdings in Rivian Automotive were worth $422,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RIVN. Ensign Peak Advisors Inc boosted its position in shares of Rivian Automotive by 22.4% in the 2nd quarter. Ensign Peak Advisors Inc now owns 310,844 shares of the electric vehicle automaker’s stock worth $4,172,000 after purchasing an additional 56,950 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in Rivian Automotive by 8.5% during the second quarter. Summit Trail Advisors LLC now owns 30,899 shares of the electric vehicle automaker’s stock worth $415,000 after buying an additional 2,429 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of Rivian Automotive by 4.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 137,300 shares of the electric vehicle automaker’s stock worth $1,843,000 after buying an additional 6,400 shares during the period. AE Wealth Management LLC increased its stake in shares of Rivian Automotive by 23.3% in the 2nd quarter. AE Wealth Management LLC now owns 16,803 shares of the electric vehicle automaker’s stock valued at $225,000 after acquiring an additional 3,178 shares during the last quarter. Finally, Brighton Jones LLC acquired a new stake in shares of Rivian Automotive in the 2nd quarter valued at approximately $205,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,830 shares of company stock worth $7,872,145. Insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on RIVN. Canaccord Genuity Group boosted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 target price on shares of Rivian Automotive in a report on Friday, August 16th. Guggenheim began coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target for the company. Finally, Barclays raised their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.09.

Rivian Automotive Trading Down 11.0 %

Shares of Rivian Automotive stock opened at $11.71 on Friday. The stock has a market cap of $11.66 billion, a P/E ratio of -2.03 and a beta of 2.06. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.87. The business’s 50 day moving average is $14.48 and its 200-day moving average is $12.34.

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 analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Equities research analysts predict that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal 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.