Bleakley Financial Group LLC Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Bleakley Financial Group LLC purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 27,601 shares of the electric vehicle automaker’s stock, valued at approximately $310,000.

Other institutional investors have also recently made changes to their positions in the company. Quent Capital LLC raised its position in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Rivian Automotive in the 2nd quarter valued at about $37,000. First Horizon Advisors Inc. lifted its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Rivian Automotive by 39.0% during the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after buying an additional 907 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,876 shares of company stock valued at $2,153,551. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Wolfe Research assumed coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Wedbush restated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. UBS Group cut their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, Wells Fargo & Company lowered their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $17.09.

Rivian Automotive Stock Down 3.1 %

Rivian Automotive stock opened at $10.16 on Thursday. The stock has a market cap of $10.11 billion, a PE ratio of -1.76 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock’s fifty day moving average is $12.17 and its two-hundred day moving average is $12.25. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The business 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%. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

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.