Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by First Horizon Advisors Inc.

First Horizon Advisors Inc. grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 51.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 4,331 shares of the electric vehicle automaker’s stock after buying an additional 1,479 shares during the quarter. First Horizon Advisors Inc.’s holdings in Rivian Automotive were worth $49,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. abrdn plc raised its position in shares of Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after acquiring an additional 518,561 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.24 on Monday. The firm has a market capitalization of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61. The firm’s 50-day simple moving average is $10.75 and its 200 day simple moving average is $12.43. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,142,188 in the last ninety days. Insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of several research reports. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Robert W. Baird cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. UBS Group decreased their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Piper Sandler decreased their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $15.73.

About Rivian Automotive

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.