Pathstone Holdings LLC Raises Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Pathstone Holdings LLC raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 118,237 shares of the electric vehicle automaker’s stock after acquiring an additional 9,187 shares during the quarter. Pathstone Holdings LLC’s holdings in Rivian Automotive were worth $1,327,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tidal Investments LLC grew its stake in Rivian Automotive by 59.1% in the first quarter. Tidal Investments LLC now owns 247,118 shares of the electric vehicle automaker’s stock worth $2,706,000 after purchasing an additional 91,810 shares during the period. Comerica Bank grew its position in shares of Rivian Automotive by 60.8% in the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock worth $251,000 after buying an additional 8,653 shares during the period. Swedbank AB bought a new position in shares of Rivian Automotive in the 1st quarter worth about $6,887,000. Cetera Investment Advisers lifted its position in Rivian Automotive by 151.5% during the 1st quarter. Cetera Investment Advisers now owns 192,138 shares of the electric vehicle automaker’s stock valued at $2,104,000 after acquiring an additional 115,741 shares during the period. Finally, Cetera Advisors LLC lifted its position in Rivian Automotive by 108.3% during the 1st quarter. Cetera Advisors LLC now owns 84,409 shares of the electric vehicle automaker’s stock valued at $924,000 after acquiring an additional 43,882 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RIVN. JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Wolfe Research started coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Robert W. Baird lowered their price target on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Finally, The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.73.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,210 shares of company stock worth $3,079,695. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $12.22 on Friday. The firm’s 50 day simple moving average is $10.67 and its two-hundred day simple moving average is $12.45. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market capitalization of $12.47 billion, a P/E ratio of -2.18 and a beta of 2.04. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61.

Rivian Automotive Company 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.