Creative Planning Lowers Stake in Rivian Automotive, Inc. $RIVN

Creative Planning trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 135,925 shares of the electric vehicle automaker’s stock after selling 14,399 shares during the quarter. Creative Planning’s holdings in Rivian Automotive were worth $1,868,000 at the end of the most recent quarter.

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

Insider Activity

In other news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the transaction, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 87,250 shares of company stock valued at $1,357,610. Corporate insiders own 2.16% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on RIVN shares. UBS Group raised their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. Wedbush dropped their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Friday, October 3rd. Mizuho reaffirmed an “underperform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Finally, The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. 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, the company has a consensus rating of “Hold” and a consensus target price of $14.34.

Rivian Automotive Stock Up 4.0%

RIVN stock opened at $16.18 on Thursday. Rivian Automotive, Inc. has a twelve month low of $10.36 and a twelve month high of $18.13. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $19.84 billion, a P/E ratio of -5.20 and a beta of 1.81. The firm has a 50 day simple moving average of $14.37 and a 200-day simple moving average of $13.91.

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

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.