Brighton Jones LLC Increases Holdings in Rivian Automotive, Inc. $RIVN

Brighton Jones LLC increased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 5.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,817 shares of the electric vehicle automaker’s stock after purchasing an additional 1,862 shares during the period. Brighton Jones LLC’s holdings in Rivian Automotive were worth $506,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new stake in Rivian Automotive during the 1st quarter worth $1,382,000. Caisse Des Depots ET Consignations purchased a new stake in Rivian Automotive during the 1st quarter worth $2,807,000. Ethos Financial Group LLC purchased a new stake in Rivian Automotive during the 1st quarter worth $311,000. Intech Investment Management LLC boosted its position in Rivian Automotive by 522.0% during the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock worth $4,370,000 after purchasing an additional 294,539 shares during the period. Finally, Udine Wealth Management Inc. purchased a new stake in Rivian Automotive during the 2nd quarter worth $937,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent analyst reports. UBS Group boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. Mizuho reiterated an “underperform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Guggenheim lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, September 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Reduce” and an average price target of $13.76.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 42,147 shares of company stock worth $577,593. Company insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $13.71 on Thursday. The firm has a market cap of $16.64 billion, a PE ratio of -4.24 and a beta of 1.82. The firm’s 50-day simple moving average is $13.78 and its 200-day simple moving average is $13.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the company posted ($1.46) EPS. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.