Regal Investment Advisors LLC Increases Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Regal Investment Advisors LLC boosted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,493 shares of the electric vehicle automaker’s stock after purchasing an additional 1,281 shares during the quarter. Regal Investment Advisors LLC’s holdings in Rivian Automotive were worth $262,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Baillie Gifford & Co. increased its stake in Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after buying an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after buying an additional 5,937,605 shares during the period. Vanguard Group Inc. raised its position in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after acquiring an additional 3,285,867 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The disclosure for this sale can be found here. In the last three months, insiders sold 512,734 shares of company stock valued at $8,038,565. Company insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on RIVN shares. DA Davidson increased their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. Piper Sandler restated an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. Wells Fargo & Company cut their price objective on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. UBS Group decreased their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Canaccord Genuity Group increased their price target 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. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.91.

Rivian Automotive Stock Up 1.9 %

Shares of NASDAQ:RIVN opened at $10.64 on Thursday. The company has a market capitalization of $10.73 billion, a P/E ratio of -1.83 and a beta of 2.06. The stock’s fifty day simple moving average is $13.65 and its 200-day simple moving average is $12.31. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. 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 (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -4.92 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.