First Trust Advisors LP Sells 1,026,352 Shares of Rivian Automotive, Inc. $RIVN

First Trust Advisors LP reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 27.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,776,660 shares of the electric vehicle automaker’s stock after selling 1,026,352 shares during the quarter. First Trust Advisors LP’s holdings in Rivian Automotive were worth $38,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Rivian Automotive by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock worth $1,086,507,000 after buying an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Rivian Automotive by 4.9% in the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after acquiring an additional 689,045 shares during the period. Northern Trust Corp grew its stake in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after acquiring an additional 809,064 shares during the period. Norges Bank purchased a new position in shares of Rivian Automotive during the second quarter valued at approximately $105,629,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after purchasing an additional 799,030 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Stifel Nicolaus lifted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Monday, October 20th. The Goldman Sachs Group reduced their price objective on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Cfra Research raised Rivian Automotive to a “moderate sell” rating in a report on Thursday, October 2nd. Finally, Mizuho restated an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Six investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.34.

Rivian Automotive Trading Up 0.6%

Rivian Automotive stock opened at $17.71 on Wednesday. Rivian Automotive, Inc. has a 12-month low of $10.36 and a 12-month high of $18.60. The firm has a market capitalization of $21.71 billion, a price-to-earnings ratio of -5.69 and a beta of 1.79. The firm has a 50 day moving average of $14.76 and a 200 day moving average of $14.01. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $15.11, for a total transaction of $263,669.50. Following the sale, the chief executive officer directly owned 1,185,009 shares in the company, valued at $17,905,485.99. This trade represents a 1.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 8,039 shares of Rivian Automotive stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the transaction, the chief financial officer owned 730,017 shares in the company, valued at approximately $13,140,306. This trade represents a 1.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 116,499 shares of company stock valued at $1,885,221. Corporate insiders own 2.16% 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.