Albion Financial Group UT Reduces Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Albion Financial Group UT lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,030 shares of the electric vehicle automaker’s stock after selling 987 shares during the period. Albion Financial Group UT’s holdings in Rivian Automotive were worth $1,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Quent Capital LLC boosted 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 worth $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC increased its position in Rivian Automotive by 975.4% in the 1st 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 period. Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the 1st quarter valued at approximately $33,000. Fairman Group LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at approximately $36,000. Finally, International Assets Investment Management LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the 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 $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock valued at $3,369,273 in the last ninety days. Insiders own 2.51% of the company’s stock.

Rivian Automotive Trading Down 1.5 %

Shares of RIVN opened at $10.26 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 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The firm has a 50 day simple moving average of $12.86 and a 200-day simple moving average of $12.26. The stock has a market cap of $10.34 billion, a price-to-earnings ratio of -1.72 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities analysts forecast that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. UBS Group dropped their price target 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. Guggenheim began coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Mizuho boosted their target price on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $17.68.

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.