Allworth Financial LP Reduces Stake in Rivian Automotive, Inc. $RIVN

Allworth Financial LP lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 62.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,828 shares of the electric vehicle automaker’s stock after selling 17,635 shares during the quarter. Allworth Financial LP’s holdings in Rivian Automotive were worth $149,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of RIVN. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares during the last quarter. Banque Transatlantique SA raised its stake in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares in the last quarter. Fairman Group LLC bought a new stake in Rivian Automotive during the second quarter valued at approximately $31,000. WPG Advisers LLC purchased a new position in Rivian Automotive in the 1st quarter worth approximately $34,000. Finally, PFS Partners LLC grew its stake in Rivian Automotive by 50.5% in the 2nd quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker’s stock worth $41,000 after buying an additional 1,000 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 52,350 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at $20,690,323. The trade was a 4.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 87,250 shares of company stock valued at $1,357,610. Insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Down 1.8%

NASDAQ:RIVN opened at $14.72 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm’s 50-day moving average price is $14.23 and its 200-day moving average price is $13.85. The company has a market capitalization of $18.05 billion, a PE ratio of -4.73 and a beta of 1.81. Rivian Automotive, Inc. has a 1-year low of $9.91 and a 1-year high of $18.13.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.02. The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. Rivian Automotive’s quarterly revenue was up 78.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.08) earnings per share. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RIVN. Canaccord Genuity Group reaffirmed a “buy” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. UBS Group lifted their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Mizuho reiterated an “underperform” rating and issued a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Monday, August 25th. Finally, Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Six analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average target price of $14.34.

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.