Brighton Jones LLC Sells 1,473 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Brighton Jones LLC lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,821 shares of the electric vehicle automaker’s stock after selling 1,473 shares during the quarter. Brighton Jones LLC’s holdings in Rivian Automotive were worth $155,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in RIVN. Assenagon Asset Management S.A. boosted its position in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. boosted its position in shares of 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 period. GAMMA Investing LLC boosted its position in shares of Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares during the period. Certuity LLC boosted its position in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after acquiring an additional 815 shares during the period. Finally, Sanders Morris Harris LLC boosted its position in shares of Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after acquiring an additional 823 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $10.45 on Monday. The stock’s fifty day moving average is $12.04 and its 200-day moving average is $12.26. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock has a market capitalization of $10.40 billion, a PE ratio of -1.81 and a beta of 2.03. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last announced 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). The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities research analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. 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 at the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. 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 at the SEC website. Also, 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 transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock worth $2,153,551 over the last 90 days. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective 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. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. UBS Group cut their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $17.09.

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.