Asahi Life Asset Management CO. LTD. Makes New $330,000 Investment in Rivian Automotive, Inc. $RIVN

Asahi Life Asset Management CO. LTD. purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 23,990 shares of the electric vehicle automaker’s stock, valued at approximately $330,000.

A number of other large investors have also modified their holdings of RIVN. Vanguard Group Inc. raised its stake in shares of Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Nuveen LLC purchased a new stake in Rivian Automotive during the 1st quarter worth about $33,582,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Rivian Automotive by 1,726.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker’s stock valued at $13,422,000 after purchasing an additional 1,019,038 shares in the last quarter. Point72 Europe London LLP purchased a new position in shares of Rivian Automotive in the 1st quarter valued at about $10,204,000. Finally, Northern Trust Corp grew its position in shares of Rivian Automotive by 11.2% during the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after buying an additional 809,064 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm’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 in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction 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 completion of 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. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,147 shares of company stock worth $577,593 in the last 90 days. 2.16% of the stock is currently owned by company insiders.

Rivian Automotive Price Performance

Shares of RIVN opened at $15.22 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.72. Rivian Automotive, Inc. has a 1-year low of $9.55 and a 1-year high of $17.15. The stock has a market cap of $18.47 billion, a PE ratio of -4.89 and a beta of 1.81. The firm has a fifty day moving average price of $13.87 and a 200 day moving average price of $13.64.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm posted ($1.46) EPS. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on RIVN shares. Wedbush reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Morgan Stanley dropped their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Finally, Mizuho restated an “underperform” rating and issued a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $13.67.

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.