Baker Avenue Asset Management LP Sells 9,601 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Baker Avenue Asset Management LP lessened its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 263,713 shares of the electric vehicle automaker’s stock after selling 9,601 shares during the period. Baker Avenue Asset Management LP’s holdings in Rivian Automotive were worth $2,959,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quent Capital LLC increased its position in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares in the last quarter. GHP Investment Advisors Inc. increased its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive in the 2nd quarter worth $37,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of 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 worth $38,000 after purchasing an additional 670 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on RIVN shares. Royal Bank of Canada cut their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday. UBS Group cut their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Robert W. Baird cut their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday. The Goldman Sachs Group lowered their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.77.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’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 sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 over the last ninety days. 2.51% of the stock is owned by insiders.

Rivian Automotive Trading Up 5.4 %

Shares of NASDAQ RIVN opened at $10.59 on Monday. The business’s 50 day moving average is $11.36 and its two-hundred day moving average is $12.36. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61. The stock has a market capitalization of $10.68 billion, a P/E ratio of -1.89 and a beta of 2.04.

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.