Prime Capital Investment Advisors LLC Decreases Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Prime Capital Investment Advisors LLC cut its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 15.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 26,546 shares of the electric vehicle automaker’s stock after selling 4,866 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Rivian Automotive were worth $298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of RIVN. Empowered Funds LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at about $111,000. Bleakley Financial Group LLC boosted its holdings in Rivian Automotive by 127.1% in the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock worth $245,000 after purchasing an additional 12,514 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Rivian Automotive by 14.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock worth $5,487,000 after purchasing an additional 62,199 shares during the period. Kingsview Wealth Management LLC raised its stake in Rivian Automotive by 21.0% during the 1st quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock valued at $133,000 after buying an additional 2,101 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Rivian Automotive by 175.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 962,139 shares of the electric vehicle automaker’s stock valued at $10,536,000 after buying an additional 612,499 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Down 2.4 %

Rivian Automotive stock opened at $10.06 on Friday. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61. The firm’s 50 day moving average price is $11.09 and its 200-day moving average price is $12.41. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The stock has a market cap of $10.14 billion, a P/E ratio of -1.80 and a beta of 2.04.

Wall Street Analyst Weigh In

Several brokerages recently commented on RIVN. Wells Fargo & Company reduced their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. UBS Group reduced their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Wolfe Research initiated coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Mizuho reduced their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Canaccord Genuity Group dropped their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.73.

Insider Activity at Rivian Automotive

In other Rivian Automotive 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 transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.51% of the stock is currently owned by corporate insiders.

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.