Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. boosted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) by 11.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,561,052 shares of the electric vehicle automaker’s stock after buying an additional 450,676 shares during the quarter. Franklin Resources Inc. owned approximately 0.51% of Rivian Automotive worth $117,401,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Rhumbline Advisers increased its holdings in Rivian Automotive by 28.7% in the second quarter. Rhumbline Advisers now owns 169,879 shares of the electric vehicle automaker’s stock valued at $4,373,000 after buying an additional 37,858 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Rivian Automotive by 49.0% during the second quarter. Cetera Investment Advisers now owns 18,495 shares of the electric vehicle automaker’s stock worth $476,000 after purchasing an additional 6,082 shares during the last quarter. Cetera Advisor Networks LLC grew its holdings in shares of Rivian Automotive by 64.7% during the second quarter. Cetera Advisor Networks LLC now owns 24,491 shares of the electric vehicle automaker’s stock worth $630,000 after purchasing an additional 9,621 shares during the last quarter. Cetera Advisors LLC grew its holdings in shares of Rivian Automotive by 8.6% during the second quarter. Cetera Advisors LLC now owns 10,426 shares of the electric vehicle automaker’s stock worth $268,000 after purchasing an additional 825 shares during the last quarter. Finally, Magnus Financial Group LLC purchased a new position in shares of Rivian Automotive during the second quarter worth about $669,000. Hedge funds and other institutional investors own 62.09% of the company’s stock.

Insider Activity at Rivian Automotive

In other news, CAO Jeff Baker sold 1,689 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of 34.38, for a total transaction of 58,067.82. Following the completion of the sale, the chief accounting officer now directly owns 89,331 shares in the company, valued at approximately 3,071,199.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Jeff Baker sold 1,689 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of 34.38, for a total transaction of 58,067.82. Following the completion of the sale, the chief accounting officer now directly owns 89,331 shares in the company, valued at approximately 3,071,199.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 14,235 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of 34.92, for a total transaction of 497,086.20. Following the sale, the chief financial officer now owns 81,151 shares of the company’s stock, valued at 2,833,792.92. The disclosure for this sale can be found here. 2.34% of the stock is owned by insiders.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at 29.71 on Thursday. The company has a quick ratio of 6.39, a current ratio of 6.84 and a debt-to-equity ratio of 0.08. The company has a market cap of $27.36 billion and a P/E ratio of -2.86. Rivian Automotive, Inc. has a 52 week low of 19.25 and a 52 week high of 126.75. The company has a 50-day moving average price of 33.13 and a 200 day moving average price of 31.84.

Analyst Ratings Changes

Several equities analysts have issued reports on RIVN shares. Wells Fargo & Company dropped their price objective on Rivian Automotive from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, November 10th. Royal Bank of Canada dropped their price objective on Rivian Automotive from $61.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, November 10th. Canaccord Genuity Group dropped their price objective on Rivian Automotive from $61.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. The Goldman Sachs Group raised their price objective on Rivian Automotive to $41.00 in a report on Monday, August 15th. Finally, Cfra lowered Rivian Automotive to a “sell” rating and set a $25.00 price target on the stock. in a report on Friday, September 23rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of 59.00.

Rivian Automotive Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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