First Trust Advisors LP Sells 1,026,352 Shares of Rivian Automotive, Inc. $RIVN

First Trust Advisors LP reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 27.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,776,660 shares of the electric vehicle automaker’s stock after selling 1,026,352 shares during the period. First Trust Advisors LP owned 0.25% of Rivian Automotive worth $38,151,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. TD Asset Management Inc lifted its holdings in Rivian Automotive by 1.2% in the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock worth $1,042,000 after buying an additional 870 shares during the period. Blair William & Co. IL raised its holdings in shares of 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. PFS Partners LLC lifted its stake in Rivian Automotive by 50.5% in the second quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker’s stock worth $41,000 after acquiring an additional 1,000 shares during the period. TruNorth Capital Management LLC boosted its holdings in Rivian Automotive by 25.2% in the second quarter. TruNorth Capital Management LLC now owns 4,975 shares of the electric vehicle automaker’s stock valued at $68,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in Rivian Automotive by 0.4% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 256,740 shares of the electric vehicle automaker’s stock valued at $3,528,000 after purchasing an additional 1,045 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity

In other news, CFO Claire Mcdonough sold 21,210 shares of Rivian Automotive stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total value of $363,539.40. Following the completion of the transaction, the chief financial officer owned 738,056 shares of the company’s stock, valued at $12,650,279.84. The trade was a 2.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 116,499 shares of company stock valued at $1,885,221. 2.16% of the stock is owned by insiders.

Rivian Automotive Stock Up 0.6%

RIVN stock opened at $17.71 on Wednesday. The business has a 50 day moving average of $14.76 and a 200 day moving average of $14.01. The firm has a market cap of $21.71 billion, a PE ratio of -5.69 and a beta of 1.79. Rivian Automotive, Inc. has a twelve month low of $10.36 and a twelve month high of $18.60. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RIVN. The Goldman Sachs Group dropped their target price on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. DA Davidson increased their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Tigress Financial lifted their price objective on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Finally, Mizuho reissued an “underperform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Six equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.