Moors & Cabot Inc. Buys 4,220 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Moors & Cabot Inc. grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 30.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,945 shares of the electric vehicle automaker’s stock after acquiring an additional 4,220 shares during the quarter. Moors & Cabot Inc.’s holdings in Rivian Automotive were worth $241,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its stake in shares of Rivian Automotive by 1.7% in 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 last quarter. First Horizon Advisors Inc. increased its stake in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the last quarter. Laidlaw Wealth Management LLC increased its stake in shares of Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after acquiring an additional 718 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares during 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 purchasing an additional 802 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Trading Down 11.0 %

NASDAQ RIVN opened at $11.71 on Friday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.87. The stock has a 50 day moving average of $14.48 and a 200-day moving average of $12.33. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The company has a market cap of $11.66 billion, a PE ratio of -2.03 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly 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). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on RIVN shares. The Goldman Sachs Group increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. Wells Fargo & Company lowered their target price on 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. Guggenheim started coverage on Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Finally, Truist Financial increased their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $18.09.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $13,618,074.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $13,618,074.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,830 shares of company stock worth $7,872,145. Company insiders own 2.30% of the company’s stock.

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.