Janney Montgomery Scott LLC Lowers Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Janney Montgomery Scott LLC decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 38.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 99,114 shares of the electric vehicle automaker’s stock after selling 62,853 shares during the period. Janney Montgomery Scott LLC’s holdings in Rivian Automotive were worth $1,112,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of RIVN. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the period. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after acquiring an additional 7,714,788 shares during the period. Renaissance Technologies LLC boosted its stake in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the period. abrdn plc boosted its stake in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after purchasing an additional 518,561 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after purchasing an additional 1,039,758 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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. This trade represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $10.06 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The business’s 50 day moving average price is $11.09 and its 200-day moving average price is $12.38. The firm has a market capitalization of $10.14 billion, a PE ratio of -1.80 and a beta of 2.04. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent research reports. Barclays decreased their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Piper Sandler dropped their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. The Goldman Sachs Group raised their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price target for the company from $20.00 to $13.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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.