Tradition Wealth Management LLC Increases Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Tradition Wealth Management LLC boosted its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.9% in the third quarter, HoldingsChannel reports. The firm owned 11,755 shares of the electric vehicle automaker’s stock after buying an additional 1,250 shares during the quarter. Tradition Wealth Management LLC’s holdings in Rivian Automotive were worth $132,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Quent Capital LLC boosted 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 worth $26,000 after buying an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake 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 purchasing an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in shares of Rivian Automotive by 63.2% in the 3rd 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 during the period. American Capital Advisory LLC lifted its stake in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This trade represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,307 shares of company stock worth $3,178,479 over the last 90 days. 2.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Royal Bank of Canada dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Stifel Nicolaus reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Barclays lowered their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Mizuho cut their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Down 2.9 %

Shares of Rivian Automotive stock opened at $11.87 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61. The company’s fifty day simple moving average is $10.67 and its two-hundred day simple moving average is $12.49.

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.