Covington Capital Management boosted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 95.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,050 shares of the electric vehicle automaker’s stock after purchasing an additional 1,000 shares during the period. Covington Capital Management’s holdings in Rivian Automotive were worth $53,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. acquired a new stake in shares of Rivian Automotive in the first quarter worth about $51,000. Raymond James & Associates grew its stake in shares of Rivian Automotive by 42.2% in the 1st quarter. Raymond James & Associates now owns 179,015 shares of the electric vehicle automaker’s stock valued at $8,994,000 after purchasing an additional 53,132 shares during the period. M Holdings Securities Inc. bought a new stake in shares of Rivian Automotive in the 1st quarter valued at approximately $369,000. MBL Wealth LLC bought a new stake in shares of Rivian Automotive in the 1st quarter valued at approximately $271,000. Finally, Myriad Asset Management Ltd. bought a new stake in Rivian Automotive during the 4th quarter worth approximately $3,837,000. Institutional investors and hedge funds own 62.09% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on RIVN shares. The Goldman Sachs Group increased their price target on Rivian Automotive to $41.00 in a research report on Monday, August 15th. Canaccord Genuity Group started coverage on Rivian Automotive in a report on Wednesday, July 13th. They set a “buy” rating on the stock. Wells Fargo & Company increased their price target on Rivian Automotive from $24.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, July 11th. DA Davidson increased their price target on Rivian Automotive from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, August 12th. Finally, Wedbush increased their price target on Rivian Automotive from $30.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, July 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of 65.89.
Rivian Automotive Price Performance
In other news, CAO Jeff Baker sold 1,753 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of 37.27, for a total value of 65,334.31. Following the completion of the transaction, the chief accounting officer now owns 79,666 shares in the company, valued at approximately 2,969,151.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.34% of the stock is owned by corporate insiders.
Rivian Automotive Company Profile
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.
- Get a free copy of the StockNews.com research report on Rivian Automotive (RIVN)
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