Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Purchased by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,378 shares of the electric vehicle automaker’s stock after purchasing an additional 6,132 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Rivian Automotive were worth $1,334,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Assenagon Asset Management S.A. lifted its position in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC boosted its stake in shares of Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares during the period. GAMMA Investing LLC grew its holdings in Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in Rivian Automotive by 18.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock worth $122,000 after buying an additional 802 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on RIVN. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Tuesday. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Morgan Stanley upped their target price on Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, August 7th. Finally, Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $18.14.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders sold 488,926 shares of company stock valued at $7,552,869 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $13.28 on Thursday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.87. The company has a market cap of $13.39 billion, a PE ratio of -2.30 and a beta of 2.07. The stock has a 50 day simple moving average of $14.98 and a 200-day simple moving average of $12.25. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -4.72 EPS 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.