AE Wealth Management LLC Has $225,000 Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

AE Wealth Management LLC increased its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 23.3% in the second quarter, Holdings Channel.com reports. The firm owned 16,803 shares of the electric vehicle automaker’s stock after acquiring an additional 3,178 shares during the period. AE Wealth Management LLC’s holdings in Rivian Automotive were worth $225,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its position in shares of Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after buying an additional 604 shares during the period. First Horizon Advisors Inc. grew its holdings in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares during the period. GAMMA Investing LLC lifted 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 purchasing an additional 760 shares during the period. Certuity LLC boosted its position in shares of Rivian Automotive by 8.1% in the 2nd 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 stake in shares of Rivian Automotive by 8.9% during the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after purchasing an additional 823 shares during the period. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RIVN has been the topic of several analyst reports. Wells Fargo & Company cut their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. Guggenheim initiated coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Friday, August 16th. Finally, Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $16.00 to $13.00 in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.91.

Rivian Automotive Stock Performance

Shares of RIVN opened at $11.60 on Friday. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.87. The firm has a fifty day simple moving average of $13.91 and a 200 day simple moving average of $12.31. The stock has a market capitalization of $11.70 billion, a price-to-earnings ratio of -2.01 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Research analysts forecast that Rivian Automotive, Inc. will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 transaction, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The disclosure for this sale can be found here. Insiders sold a total of 512,734 shares of company stock worth $8,038,565 over the last ninety days. 2.30% of the stock is currently 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.