Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,420 shares of the electric vehicle automaker’s stock after selling 1,662 shares during the period. Amalgamated Bank’s holdings in Rivian Automotive were worth $487,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RIVN. Quent Capital LLC increased its position in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Rivian Automotive by 975.4% during the first 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 in the last quarter. GHP Investment Advisors Inc. grew its holdings 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 buying an additional 1,002 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive during the second quarter worth about $37,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% during the second 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. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Down 2.4 %

Shares of NASDAQ RIVN opened at $10.06 on Friday. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The firm has a fifty day moving average of $11.09 and a 200-day moving average of $12.41. The stock has a market capitalization of $10.14 billion, a PE ratio of -1.80 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. Robert W. Baird lowered their price target on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a report on Tuesday, September 10th. Canaccord Genuity Group lowered their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Finally, Wells Fargo & Company lowered their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.73.

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.