Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by PFG Investments LLC

PFG Investments LLC reduced its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 41.2% during the third quarter, Holdings Channel reports. The firm owned 10,141 shares of the electric vehicle automaker’s stock after selling 7,094 shares during the period. PFG Investments LLC’s holdings in Rivian Automotive were worth $114,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RIVN. Arkadios Wealth Advisors acquired a new position in Rivian Automotive in the third quarter worth approximately $114,000. Forsta AP Fonden grew its holdings in shares of Rivian Automotive by 7.5% in the 3rd quarter. Forsta AP Fonden now owns 168,900 shares of the electric vehicle automaker’s stock worth $1,895,000 after acquiring an additional 11,800 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Rivian Automotive by 33.5% during the third quarter. Assenagon Asset Management S.A. now owns 48,977 shares of the electric vehicle automaker’s stock worth $550,000 after purchasing an additional 12,293 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after purchasing an additional 51,464 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of Rivian Automotive by 10.8% in the 3rd quarter. Signaturefd LLC now owns 24,721 shares of the electric vehicle automaker’s stock valued at $277,000 after purchasing an additional 2,413 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

Shares of RIVN opened at $10.10 on Friday. The firm has a market cap of $10.18 billion, a price-to-earnings ratio of -1.69 and a beta of 2.03. The company’s fifty day moving average is $11.88 and its 200-day moving average is $12.27. 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 $24.61.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Equities analysts expect that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on RIVN. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Mizuho raised their target price on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $17.09.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s 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 sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value 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 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 169,876 shares of company stock valued at $2,153,551. Insiders own 2.51% of the company’s stock.

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.