HighTower Advisors LLC Sells 4,274 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

HighTower Advisors LLC cut its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 4.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,752 shares of the electric vehicle automaker’s stock after selling 4,274 shares during the quarter. HighTower Advisors LLC’s holdings in Rivian Automotive were worth $1,116,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. GHP Investment Advisors Inc. boosted its holdings in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares in the last quarter. American Capital Advisory LLC raised its stake in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the second quarter worth $37,000. Finally, First Horizon Advisors Inc. raised its stake in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RIVN. Benchmark began coverage on Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price target for the company. Truist Financial lowered their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Robert W. Baird lowered their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Barclays lowered their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Guggenheim lowered their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $15.83.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $15.34 on Tuesday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61. The stock has a 50-day moving average price of $11.18 and a 200 day moving average price of $12.71. The stock has a market capitalization of $15.66 billion, a P/E ratio of -2.74 and a beta of 2.12.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares in the company, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 249,403 shares of company stock worth $3,013,489. 2.51% of the stock is owned by corporate insiders.

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.