Creative Planning Raises Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Creative Planning lifted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 115,686 shares of the electric vehicle automaker’s stock after purchasing an additional 7,236 shares during the period. Creative Planning’s holdings in Rivian Automotive were worth $1,298,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive in the 2nd quarter worth approximately $37,000. First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of Rivian Automotive by 39.0% in the 2nd quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after acquiring an additional 907 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIVN has been the topic of a number of research reports. Needham & Company LLC lowered their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wolfe Research started coverage on Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Truist Financial lowered their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group lowered their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.09.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 over the last three months. 2.51% of the stock is owned by company insiders.

Rivian Automotive Trading Down 0.8 %

Shares of RIVN opened at $10.39 on Thursday. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $10.48 billion, a P/E ratio of -1.74 and a beta of 2.03. The stock’s fifty day simple moving average is $11.94 and its 200 day simple moving average is $12.28. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -4.84 earnings per share for the current 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.