Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Bought by Summit Trail Advisors LLC

Summit Trail Advisors LLC lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,899 shares of the electric vehicle automaker’s stock after purchasing an additional 2,429 shares during the period. Summit Trail Advisors LLC’s holdings in Rivian Automotive were worth $415,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in RIVN. Quent Capital LLC boosted its stake in Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the period. Principal Securities Inc. acquired a new stake in Rivian Automotive during the fourth quarter worth about $33,000. Benjamin Edwards Inc. purchased a new position in Rivian Automotive during the first quarter worth about $33,000. Finally, Fairman Group LLC acquired a new position in Rivian Automotive in the 4th quarter valued at about $36,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RIVN. DA Davidson raised their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. The Goldman Sachs Group lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a report on Monday. Morgan Stanley boosted their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Guggenheim started coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.09.

Insider Transactions at Rivian Automotive

In other 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 of the company’s stock, valued at approximately $5,328,423.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The stock was 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 owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 429,401 shares of company stock valued at $7,068,569. 2.30% of the stock is currently owned by corporate insiders.

Rivian Automotive Stock Up 1.7 %

Shares of NASDAQ:RIVN opened at $11.91 on Tuesday. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. 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 $11.85 billion, a price-to-earnings ratio of -2.06 and a beta of 2.06. The firm’s 50 day moving average price is $14.37 and its 200 day moving average price is $12.34.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

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.