Kestra Private Wealth Services LLC Acquires 2,356 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Kestra Private Wealth Services LLC grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) by 41.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,097 shares of the electric vehicle automaker’s stock after purchasing an additional 2,356 shares during the period. Kestra Private Wealth Services LLC’s holdings in Rivian Automotive were worth $407,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of RIVN. Coatue Management LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $3,652,616,000. BlackRock Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth $3,195,595,000. Capital Research Global Investors purchased a new stake in shares of Rivian Automotive in the 4th quarter worth $2,562,520,000. D1 Capital Partners L.P. purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $1,616,629,000. Finally, Allianz Asset Management GmbH bought a new stake in Rivian Automotive during the fourth quarter valued at about $1,071,039,000. Hedge funds and other institutional investors own 62.09% of the company’s stock.

Rivian Automotive Stock Down 3.4 %

Shares of NASDAQ:RIVN opened at 37.94 on Tuesday. The company has a quick ratio of 8.60, a current ratio of 8.97 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $34.76 billion and a P/E ratio of -1.83. Rivian Automotive, Inc. has a 52-week low of 19.25 and a 52-week high of 179.47. The stock’s fifty day simple moving average is 34.64 and its 200-day simple moving average is 34.41.

Insider Buying and Selling at Rivian Automotive

In related news, CAO Jeff Baker sold 1,753 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of 37.27, for a total transaction of 65,334.31. Following the sale, the chief accounting officer now owns 79,666 shares in the company, valued at 2,969,151.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.34% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on RIVN. Wedbush raised their price target on shares of Rivian Automotive from $30.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, July 8th. Canaccord Genuity Group initiated coverage on shares of Rivian Automotive in a research note on Wednesday, July 13th. They set a “buy” rating and a $61.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered their price target on Rivian Automotive from $69.00 to $46.00 in a research report on Monday, July 18th. The Goldman Sachs Group boosted their price target on shares of Rivian Automotive to $41.00 in a report on Monday, August 15th. Finally, Mizuho lowered their price target on Rivian Automotive from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of 65.89.

Rivian Automotive Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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