Prime Capital Investment Advisors LLC Sells 4,866 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Prime Capital Investment Advisors LLC cut its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 15.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,546 shares of the electric vehicle automaker’s stock after selling 4,866 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Rivian Automotive were worth $298,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RIVN. Assenagon Asset Management S.A. boosted its holdings 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 valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. lifted its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Rivian Automotive by 28.0% during the second 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 during the period. Certuity LLC grew its holdings in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the last quarter. Finally, Sanders Morris Harris LLC increased its stake in shares of Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after buying an additional 823 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.51% of the stock is owned by insiders.

Rivian Automotive Trading Down 2.4 %

Rivian Automotive stock opened at $10.06 on Friday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The company has a market capitalization of $10.14 billion, a price-to-earnings ratio of -1.80 and a beta of 2.04. The business’s fifty day simple moving average is $11.09 and its two-hundred day simple moving average is $12.41. The company has a current ratio of 5.09, a quick ratio of 4.01 and a debt-to-equity ratio of 0.93.

Analyst Ratings Changes

A number of equities analysts have issued reports on RIVN shares. Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Barclays reduced their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. JPMorgan Chase & Co. dropped their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.73.

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.