Rivian Automotive, Inc. (NASDAQ:RIVN) Position Boosted by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 72.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 89,764 shares of the electric vehicle automaker’s stock after purchasing an additional 37,647 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Rivian Automotive were worth $994,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Baillie Gifford & Co. raised its stake in Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the period. Renaissance Technologies LLC grew its stake in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after buying an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. AQR Capital Management LLC grew its position in shares of Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 249,403 shares of company stock valued at $3,013,489. Company insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RIVN. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. Royal Bank of Canada dropped their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. decreased their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Barclays cut their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Finally, Mizuho cut their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. 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. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.83.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $14.70 on Wednesday. The company has a 50 day moving average price of $11.18 and a two-hundred day moving average price of $12.71. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61. The stock has a market capitalization of $15.00 billion, a PE ratio of -2.63 and a beta of 2.12. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

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.