Vanguard Group Inc. Raises Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Vanguard Group Inc. grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,092,693 shares of the electric vehicle automaker’s stock after acquiring an additional 5,610,688 shares during the period. Vanguard Group Inc. owned about 6.82% of Rivian Automotive worth $959,804,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in shares of Rivian Automotive in the first quarter valued at about $1,382,000. Twinbeech Capital LP purchased a new stake in Rivian Automotive during the fourth quarter worth about $29,944,000. Symmetry Investments LP purchased a new stake in Rivian Automotive during the fourth quarter worth about $357,000. Mmbg Investment Advisors CO. purchased a new stake in Rivian Automotive during the first quarter worth about $274,000. Finally, Impax Asset Management Group plc purchased a new stake in Rivian Automotive during the first quarter worth about $5,602,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 107,144 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares of the company’s stock, valued at approximately $22,617,442.75. This represents a 6.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, the chief financial officer directly owned 824,875 shares of the company’s stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 195,757 shares of company stock valued at $2,995,557 in the last ninety days. 2.16% of the stock is currently owned by company insiders.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $11.93 on Tuesday. The firm has a 50 day simple moving average of $13.33 and a 200-day simple moving average of $12.96. 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 cap of $13.49 billion, a PE ratio of -3.69 and a beta of 1.80. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company posted ($1.46) EPS. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RIVN. Piper Sandler boosted their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, May 22nd. UBS Group decreased their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. Wedbush decreased their price objective 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. Finally, Wall Street Zen downgraded shares of Rivian Automotive from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $13.73.

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.