Wedmont Private Capital Buys Shares of 14,802 Rivian Automotive, Inc. (NASDAQ:RIVN)

Wedmont Private Capital bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,802 shares of the electric vehicle automaker’s stock, valued at approximately $199,000.

Several other large investors also recently added to or reduced their stakes in RIVN. International Assets Investment Management LLC increased its stake in shares of Rivian Automotive by 1,944.2% in the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock worth $3,291,000 after acquiring an additional 133,428 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Rivian Automotive by 11.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 9,640 shares of the electric vehicle automaker’s stock worth $226,000 after acquiring an additional 961 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $333,000. Lecap Asset Management Ltd. acquired a new position in shares of Rivian Automotive in the fourth quarter worth $285,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Rivian Automotive in the fourth quarter worth $790,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RIVN shares. Truist Financial upped their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Barclays upped their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 16th. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a report on Monday, July 1st. Finally, 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. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Trading Up 1.1 %

NASDAQ:RIVN opened at $13.54 on Wednesday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.87. 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 firm has a 50-day moving average price of $14.28 and a 200 day moving average price of $12.47.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. The disclosure for this sale can be found here. Insiders sold 485,716 shares of company stock valued at $7,509,309 over the last quarter. Corporate insiders own 2.30% of the company’s stock.

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.