Advisors Asset Management Inc. Grows Stock Holdings in Rivian Automotive, Inc. $RIVN

Advisors Asset Management Inc. increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 13.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,591 shares of the electric vehicle automaker’s stock after buying an additional 5,892 shares during the period. Advisors Asset Management Inc.’s holdings in Rivian Automotive were worth $605,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after buying an additional 5,610,688 shares in the last quarter. Soma Equity Partners LP boosted its holdings in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after buying an additional 1,407,772 shares in the last quarter. Northern Trust Corp boosted its holdings in 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. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 6.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker’s stock valued at $62,882,000 after purchasing an additional 309,787 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Rivian Automotive by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker’s stock valued at $39,830,000 after purchasing an additional 89,136 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 7,247 shares of the company’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 completion of the transaction, the chief financial officer owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.16% of the company’s stock.

Rivian Automotive Trading Down 0.2%

Shares of RIVN opened at $13.91 on Thursday. The stock has a fifty day moving average of $13.03 and a two-hundred day moving average of $12.98. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The company has a market capitalization of $16.88 billion, a PE ratio of -4.31 and a beta of 1.81. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week 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) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted ($1.46) earnings per share. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Canaccord Genuity Group reduced their price target on shares of Rivian Automotive from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Wedbush reduced their price target 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. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Finally, UBS Group reduced their price target 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. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $13.67.

Rivian Automotive 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.