Amalgamated Bank Raises Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Amalgamated Bank increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 19.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,082 shares of the electric vehicle automaker’s stock after purchasing an additional 7,486 shares during the quarter. Amalgamated Bank’s holdings in Rivian Automotive were worth $605,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its position in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after buying an additional 604 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in 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. GAMMA Investing LLC lifted its stake in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after purchasing an additional 760 shares during the period. Certuity LLC boosted its holdings in shares of Rivian Automotive by 8.1% during 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 grew its position 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 valued at $136,000 after purchasing an additional 823 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RIVN. Barclays raised their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Canaccord Genuity Group lifted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Finally, Guggenheim assumed coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Trading Up 3.8 %

RIVN opened at $11.60 on Friday. The firm’s 50 day moving average is $13.91 and its 200-day moving average is $12.31. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.87. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $11.70 billion, a P/E ratio of -2.01 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Analysts expect that Rivian Automotive, Inc. will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Insiders sold a total of 512,734 shares of company stock worth $8,038,565 in the last 90 days. 2.30% of the stock is owned by corporate insiders.

Rivian Automotive 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.