Meritage Portfolio Management Grows Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Meritage Portfolio Management boosted its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 83,133 shares of the electric vehicle automaker’s stock after acquiring an additional 8,556 shares during the quarter. Meritage Portfolio Management’s holdings in Rivian Automotive were worth $933,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares in the last quarter. GHP Investment Advisors Inc. grew its stake in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Rivian Automotive in the second quarter valued at $37,000. Finally, First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. The Goldman Sachs Group dropped their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Barclays lowered their price target 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. Royal Bank of Canada cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Finally, Canaccord Genuity Group cut their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $15.77.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s 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 transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents 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 worth $2,153,551 in the last three months. Insiders own 2.51% of the company’s stock.

Rivian Automotive Trading Up 5.4 %

Shares of RIVN stock opened at $10.59 on Monday. The company has a market capitalization of $10.68 billion, a P/E ratio of -1.89 and a beta of 2.04. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The business’s 50 day moving average is $11.36 and its two-hundred day moving average is $12.36. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61.

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.