Pathstone Holdings LLC Purchases 9,187 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Pathstone Holdings LLC grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.4% during the third quarter, HoldingsChannel.com reports. The fund owned 118,237 shares of the electric vehicle automaker’s stock after acquiring an additional 9,187 shares during the quarter. Pathstone Holdings LLC’s holdings in Rivian Automotive were worth $1,327,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RIVN. International Assets Investment Management LLC increased its position in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC increased its holdings in shares of Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after buying an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. raised its position in shares of Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after buying an additional 120,544 shares in the last quarter. Renaissance Capital LLC lifted its holdings in shares of Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after acquiring an additional 148,197 shares during the last quarter. Finally, Private Advisory Group LLC purchased a new position in Rivian Automotive in the third quarter worth about $2,109,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Robert W. Baird lowered their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Wolfe Research began coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. UBS Group reduced their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, Piper Sandler reduced their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $12.22 on Friday. The company has a market cap of $12.47 billion, a PE ratio of -2.18 and a beta of 2.04. The firm’s 50 day moving average price is $10.67 and its 200-day moving average price is $12.45. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,210 shares of company stock worth $3,079,695 over the last 90 days. Company insiders own 2.51% of the company’s stock.

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.