EP Wealth Advisors LLC Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

EP Wealth Advisors LLC acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the third quarter, HoldingsChannel reports. The firm acquired 11,475 shares of the electric vehicle automaker’s stock, valued at approximately $129,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP acquired a new position in Rivian Automotive in the 3rd quarter valued at $183,000. Royal London Asset Management Ltd. increased its stake in Rivian Automotive by 11.0% in the third quarter. Royal London Asset Management Ltd. now owns 333,123 shares of the electric vehicle automaker’s stock valued at $3,738,000 after purchasing an additional 33,047 shares during the last quarter. Investment Management Corp of Ontario lifted its position in Rivian Automotive by 52.1% during the third quarter. Investment Management Corp of Ontario now owns 24,533 shares of the electric vehicle automaker’s stock worth $275,000 after buying an additional 8,400 shares during the period. Janus Henderson Group PLC boosted its stake in Rivian Automotive by 107.6% in the 3rd quarter. Janus Henderson Group PLC now owns 86,241 shares of the electric vehicle automaker’s stock worth $968,000 after buying an additional 44,700 shares during the last quarter. Finally, Centiva Capital LP purchased a new stake in Rivian Automotive in the 3rd quarter valued at about $832,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity

In related news, CFO Claire Mcdonough sold 8,097 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. The trade was a 2.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were 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. This trade represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 177,974 shares of company stock worth $2,038,483. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $14.37 on Monday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The business has a 50 day moving average price of $11.08 and a two-hundred day moving average price of $12.68. The firm has a market cap of $14.67 billion, a PE ratio of -2.57 and a beta of 2.12.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RIVN. Canaccord Genuity Group decreased their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Barclays dropped their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada reduced their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $15.83.

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.