Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,420 shares of the electric vehicle automaker’s stock after selling 1,662 shares during the period. Amalgamated Bank’s holdings in Rivian Automotive were worth $487,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Quent Capital LLC lifted its holdings 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 acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Rivian Automotive in the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. lifted its holdings 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 acquiring an additional 670 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock 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 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 PE ratio of -1.80 and a beta of 2.04. The stock’s fifty day moving average is $11.09 and its two-hundred day moving average is $12.41.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.51% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RIVN shares. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. Truist Financial lowered their price target on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. UBS Group lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Finally, Wolfe Research initiated coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $15.73.

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.