Sanctuary Advisors LLC Purchases Shares of 40,994 Rivian Automotive, Inc. (NASDAQ:RIVN)

Sanctuary Advisors LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 40,994 shares of the electric vehicle automaker’s stock, valued at approximately $550,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Quent Capital LLC grew its stake in Rivian Automotive by 74.3% during the 2nd 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 last quarter. EverSource Wealth Advisors LLC raised its stake in shares of 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 worth $29,000 after purchasing an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive during the first quarter worth about $33,000. International Assets Investment Management LLC purchased a new stake in Rivian Automotive in the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. increased its holdings in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Wolfe Research initiated coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Mizuho upped their target price on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target for the company. Finally, UBS Group dropped their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. One equities research 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 MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $17.36.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated 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 in the company, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 241,305 shares of company stock worth $3,369,273. 2.30% of the stock is owned by insiders.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $10.15 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61. The firm has a market capitalization of $10.10 billion, a PE ratio of -1.76 and a beta of 2.03. The business’s 50 day moving average price is $12.69 and its 200-day moving average price is $12.28.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (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. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.88 earnings per share 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.