Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 50,837 shares of the electric vehicle automaker’s stock, valued at approximately $570,000.

Other institutional investors have also recently made changes to their positions in the company. Quent Capital LLC lifted its stake in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in 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 valued at $29,000 after acquiring an additional 2,380 shares during the period. GHP Investment Advisors Inc. lifted its stake in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC increased its holdings in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Buying and Selling

In other 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 transaction 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 8.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 261,307 shares of company stock worth $3,178,479 over the last 90 days. 2.51% of the stock is owned by insiders.

Rivian Automotive Stock Up 0.1 %

Shares of NASDAQ RIVN opened at $12.23 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 market capitalization of $12.48 billion, a price-to-earnings ratio of -2.20 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business has a 50-day moving average of $10.66 and a two-hundred day moving average of $12.44.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Needham & Company LLC cut their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Canaccord Genuity Group cut their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. Piper Sandler reduced their target price 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. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $13.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.73.

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.