Rivian Automotive, Inc. $RIVN Holdings Increased by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 342,331 shares of the electric vehicle automaker’s stock after buying an additional 34,471 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Rivian Automotive were worth $4,704,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new stake in shares of Rivian Automotive during the 1st quarter worth about $1,382,000. Caisse Des Depots ET Consignations bought a new stake in shares of Rivian Automotive during the 1st quarter worth about $2,807,000. Ethos Financial Group LLC bought a new stake in shares of Rivian Automotive during the 1st quarter worth about $311,000. Intech Investment Management LLC raised its position in shares of 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 buying an additional 294,539 shares in the last quarter. Finally, Udine Wealth Management Inc. bought a new stake in shares of Rivian Automotive during the 2nd quarter worth about $937,000. 66.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RIVN. Stifel Nicolaus lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. UBS Group boosted their target price 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. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. boosted their target price on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Monday, October 20th. Finally, Morgan Stanley dropped their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $13.76.

Rivian Automotive Stock Up 0.7%

RIVN stock opened at $13.50 on Wednesday. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $17.15. The company’s 50 day simple moving average is $13.75 and its 200-day simple moving average is $13.55. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The firm has a market capitalization of $16.38 billion, a P/E ratio of -4.18 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly 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). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the firm earned ($1.46) EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Rivian Automotive Company 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.