Ashton Thomas Securities LLC Invests $45,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

Ashton Thomas Securities LLC acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,052 shares of the electric vehicle automaker’s stock, valued at approximately $45,000.

Several other hedge funds have also added to or reduced their stakes in RIVN. Empowered Funds LLC bought a new position in Rivian Automotive in the first quarter valued at approximately $111,000. Bleakley Financial Group LLC boosted its stake in Rivian Automotive by 127.1% in the 1st quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock worth $245,000 after purchasing an additional 12,514 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Rivian Automotive by 14.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock worth $5,487,000 after purchasing an additional 62,199 shares in the last quarter. Kingsview Wealth Management LLC raised its stake in shares of Rivian Automotive by 21.0% in the 1st quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock valued at $133,000 after purchasing an additional 2,101 shares during the period. Finally, Mizuho Markets Americas LLC lifted its holdings in shares of Rivian Automotive by 44.0% in the first quarter. Mizuho Markets Americas LLC now owns 511,713 shares of the electric vehicle automaker’s stock valued at $5,603,000 after purchasing an additional 156,245 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Barclays decreased their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Guggenheim cut their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.68.

Insider Buying and Selling

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 transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s 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 transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 169,876 shares of company stock valued at $2,153,551. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $12.03 on Thursday. The company has a market cap of $12.13 billion, a P/E ratio of -2.15 and a beta of 2.04. The firm’s fifty day moving average price is $11.22 and its two-hundred day moving average price is $12.39. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01.

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.