Austin Private Wealth LLC Has $263,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Austin Private Wealth LLC trimmed its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 24.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,574 shares of the electric vehicle automaker’s stock after selling 6,213 shares during the quarter. Austin Private Wealth LLC’s holdings in Rivian Automotive were worth $263,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bear Mountain Capital Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter valued at about $26,000. Quent Capital LLC boosted its holdings in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. bought a new stake in shares of Rivian Automotive in the 4th quarter valued at $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive during the 1st quarter valued at $33,000. Institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on RIVN. The Goldman Sachs Group raised their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Morgan Stanley raised their price objective on Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a research report on Monday, July 1st. Barclays boosted their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. Finally, Canaccord Genuity Group lifted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and an average target price of $18.61.

Rivian Automotive Stock Down 5.2 %

RIVN traded down $0.77 during trading on Friday, reaching $13.95. The stock had a trading volume of 24,823,900 shares, compared to its average volume of 37,429,752. The stock’s 50 day moving average is $14.20 and its two-hundred day moving average is $12.49. The company has a market capitalization of $13.88 billion, a price-to-earnings ratio of -2.42 and a beta of 2.09. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.87.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 485,716 shares of company stock worth $7,509,309. 2.30% of the stock is currently owned by company 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.