Parallel Advisors LLC Boosts Stake in Rivian Automotive, Inc. $RIVN

Parallel Advisors LLC increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 59.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,662 shares of the electric vehicle automaker’s stock after purchasing an additional 6,217 shares during the quarter. Parallel Advisors LLC’s holdings in Rivian Automotive were worth $229,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Larson Financial Group LLC lifted its stake in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock worth $131,000 after buying an additional 722 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Rivian Automotive by 2.4% during the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock valued at $405,000 after purchasing an additional 772 shares during the period. First National Trust Co grew its stake in Rivian Automotive by 5.3% during the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock valued at $199,000 after acquiring an additional 800 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Rivian Automotive by 1.5% during the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker’s stock valued at $750,000 after acquiring an additional 867 shares in the last quarter. Finally, Blair William & Co. IL grew its stake in Rivian Automotive by 2.3% during the first quarter. Blair William & Co. IL now owns 41,167 shares of the electric vehicle automaker’s stock valued at $513,000 after acquiring an additional 930 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is currently owned by company insiders.

Rivian Automotive Trading Down 2.0%

NASDAQ RIVN opened at $14.38 on Monday. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15. The firm has a 50 day simple moving average of $13.17 and a 200-day simple moving average of $13.13. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The firm has a market cap of $17.45 billion, a price-to-earnings ratio of -4.45 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.46) EPS. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on RIVN. Canaccord Genuity Group cut their target price on shares of Rivian Automotive from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, August 6th. Guggenheim cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. UBS Group dropped their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a research note on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $13.67.

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.