Rivian Automotive, Inc. $RIVN Shares Sold by Princeton Global Asset Management LLC

Princeton Global Asset Management LLC lowered its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 45.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,000 shares of the electric vehicle automaker’s stock after selling 2,500 shares during the period. Princeton Global Asset Management LLC’s holdings in Rivian Automotive were worth $41,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after purchasing an additional 809,064 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 6.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker’s stock valued at $62,882,000 after purchasing an additional 309,787 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Rivian Automotive by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker’s stock valued at $39,830,000 after purchasing an additional 89,136 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of Rivian Automotive in the first quarter valued at approximately $33,582,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RIVN shares. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Monday, August 25th. Canaccord Genuity Group reiterated a “buy” rating and issued a $21.00 price target on shares of Rivian Automotive in a research note on Friday, October 3rd. Morgan Stanley decreased their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 13th. JPMorgan Chase & Co. lifted their price target on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday. Finally, Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $13.76.

Rivian Automotive Stock Up 0.9%

Shares of NASDAQ:RIVN opened at $13.20 on Wednesday. The company has a market capitalization of $16.02 billion, a PE ratio of -4.09 and a beta of 1.82. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $17.15. The firm has a 50 day simple moving average of $13.65 and a 200-day simple moving average of $13.47.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.46) EPS. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. The trade was a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,147 shares of company stock valued at $577,593 in the last 90 days. Insiders own 2.16% of the company’s stock.

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.