Janney Montgomery Scott LLC Sells 62,853 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Janney Montgomery Scott LLC lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 38.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 99,114 shares of the electric vehicle automaker’s stock after selling 62,853 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Rivian Automotive were worth $1,112,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in RIVN. Vanguard Group Inc. boosted its position in Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after purchasing an additional 1,226,357 shares during the period. Baillie Gifford & Co. raised its stake in Rivian Automotive by 30.5% in the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after purchasing an additional 7,714,788 shares in the last quarter. Renaissance Technologies LLC raised its stake in Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. abrdn plc raised its stake in shares of Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after acquiring an additional 518,561 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Rivian Automotive by 53.8% during the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after acquiring an additional 1,039,758 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $10.06 on Friday. The stock has a market cap of $10.14 billion, a P/E ratio of -1.80 and a beta of 2.04. The firm’s fifty day simple moving average is $11.09 and its 200 day simple moving average is $12.38. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Analyst Ratings Changes

Several research firms have commented on RIVN. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Truist Financial decreased their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. Piper Sandler decreased their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Finally, Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $15.73.

Insider Activity 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 transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.51% of the stock is currently owned by company insiders.

Rivian Automotive Company 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.