Texas Capital Bank Wealth Management Services Inc Lowers Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Texas Capital Bank Wealth Management Services Inc lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 50.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the electric vehicle automaker’s stock after selling 150,000 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Rivian Automotive were worth $2,013,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal London Asset Management Ltd. grew its stake in shares of Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after acquiring an additional 49,216 shares in the last quarter. SteelPeak Wealth LLC purchased a new position in shares of Rivian Automotive in the 1st quarter worth approximately $265,000. Berkshire Capital Holdings Inc. grew its holdings in shares of Rivian Automotive by 3,511,500.0% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock valued at $8,238,000 after acquiring an additional 351,150 shares in the last quarter. Global Assets Advisory LLC purchased a new stake in shares of Rivian Automotive during the first quarter valued at approximately $574,000. Finally, UniSuper Management Pty Ltd lifted its holdings in Rivian Automotive by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 9,400 shares of the electric vehicle automaker’s stock worth $103,000 after acquiring an additional 4,700 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RIVN shares. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Truist Financial upped their price objective on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Trading Up 3.8 %

Rivian Automotive stock opened at $11.60 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The stock has a market cap of $11.70 billion, a P/E ratio of -2.01 and a beta of 2.06. The firm’s fifty day moving average price is $13.91 and its 200-day moving average price is $12.31.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities research analysts forecast that Rivian Automotive, Inc. will post -4.8 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The disclosure for this sale can be found here. Insiders have sold 512,734 shares of company stock valued at $8,038,565 over the last three months. 2.30% of the stock is owned by corporate insiders.

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.