Rakuten Securities Inc. Sells 14,570 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Rakuten Securities Inc. reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 19.4% during the third quarter, Holdings Channel.com reports. The firm owned 60,371 shares of the electric vehicle automaker’s stock after selling 14,570 shares during the period. Rakuten Securities Inc.’s holdings in Rivian Automotive were worth $677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its position in Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after buying an additional 51,464 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the period. Renaissance Capital LLC grew its stake in shares of Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after purchasing an additional 148,197 shares during the last quarter. Private Advisory Group LLC bought a new position in Rivian Automotive during the 3rd quarter valued at approximately $2,109,000. Finally, Royal London Asset Management Ltd. grew its position in shares of Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after buying an additional 49,216 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $11.04 on Tuesday. The business’s fifty day moving average is $11.30 and its 200 day moving average is $12.38. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market capitalization of $11.13 billion, a PE ratio of -1.97 and a beta of 2.04.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the 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 completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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 sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock valued at $2,153,551 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on RIVN. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price target for the company from $20.00 to $13.00 in a report on Friday. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wolfe Research assumed coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Robert W. Baird decreased their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $15.68.

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.