Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Bought by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 327.5% in the third quarter, HoldingsChannel reports. The fund owned 42,747 shares of the electric vehicle automaker’s stock after purchasing an additional 32,747 shares during the period. Orion Portfolio Solutions LLC’s holdings in Rivian Automotive were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Assenagon Asset Management S.A. lifted its holdings in Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. increased its position in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares in the last quarter. Certuity LLC increased its position in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares in the last quarter. Blue Trust Inc. increased its position in shares of Rivian Automotive by 39.0% in the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock valued at $43,000 after buying an additional 907 shares in the last quarter. Finally, John G Ullman & Associates Inc. increased its position in shares of Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after buying an additional 1,000 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,403 shares of company stock valued at $3,013,489 in the last quarter. Insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $14.70 on Wednesday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61. The business’s fifty day simple moving average is $11.18 and its 200-day simple moving average is $12.71. The firm has a market cap 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.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial cut their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. 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 research report on Tuesday, October 15th. Wells Fargo & Company cut their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Mizuho cut their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.83.

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.