Bailard Inc. Takes $406,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Bailard Inc. purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 30,282 shares of the electric vehicle automaker's stock, valued at approximately $406,000.

A number of other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker's stock valued at $39,889,000 after purchasing an additional 1,039,758 shares during the period. Baillie Gifford & Co. raised its stake in shares of Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker's stock valued at $443,072,000 after purchasing an additional 7,714,788 shares during the period. &PARTNERS bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at $1,207,000. Sloy Dahl & Holst LLC raised its stake in shares of Rivian Automotive by 15.0% during the 2nd quarter. Sloy Dahl & Holst LLC now owns 58,818 shares of the electric vehicle automaker's stock valued at $789,000 after purchasing an additional 7,679 shares during the period. Finally, Pallas Capital Advisors LLC bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at $170,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Up 0.8 %

RIVN stock traded up $0.12 during trading on Tuesday, hitting $14.48. 20,263,433 shares of the company traded hands, compared to its average volume of 41,782,445. The firm has a market capitalization of $14.41 billion, a PE ratio of -2.51 and a beta of 2.09. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.87. The company has a 50-day moving average of $14.71 and a 200-day moving average of $12.32. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. Analysts predict that Rivian Automotive, Inc. will post -4.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the firm's stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company's stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. In the last 90 days, insiders sold 488,926 shares of company stock worth $7,552,869. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RIVN shares. The Goldman Sachs Group upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Monday, July 1st. Truist Financial upped their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a "hold" rating in a research note on Friday, August 2nd. Barclays upped their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 16th. Cantor Fitzgerald restated an "overweight" rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, August 19th. Finally, Wells Fargo & Company decreased their target price on Rivian Automotive from $18.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $18.14.

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.