Advisors Asset Management Inc. Acquires 6,620 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Advisors Asset Management Inc. grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 19.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 41,207 shares of the electric vehicle automaker’s stock after purchasing an additional 6,620 shares during the quarter. Advisors Asset Management Inc.’s holdings in Rivian Automotive were worth $462,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Rivian Automotive in the third quarter worth approximately $570,000. Commerce Bank boosted its holdings in shares of Rivian Automotive by 52.7% during the 3rd quarter. Commerce Bank now owns 62,012 shares of the electric vehicle automaker’s stock worth $696,000 after buying an additional 21,391 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Rivian Automotive during the 3rd quarter worth $665,000. Pathstone Holdings LLC boosted its holdings in shares of Rivian Automotive by 8.4% during the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock worth $1,327,000 after buying an additional 9,187 shares during the period. Finally, Quest Partners LLC boosted its holdings in shares of Rivian Automotive by 109.0% during the 3rd quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock worth $156,000 after buying an additional 7,273 shares during the period. 66.25% of the stock is owned by institutional investors.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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 transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,210 shares of company stock valued at $3,079,695 in the last ninety days. Insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Finally, Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $12.22 on Thursday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61. The company has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. The company has a 50-day moving average of $10.69 and a 200-day moving average of $12.45. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive 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.