AustralianSuper Pty Ltd Purchases New Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

AustralianSuper Pty Ltd acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 24,586 shares of the electric vehicle automaker's stock, valued at approximately $330,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker's stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker's stock valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock valued at $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Norges Bank bought a new position in Rivian Automotive during the 4th quarter valued at $129,427,000. Finally, Vanguard Group Inc. boosted its stake in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker's stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at $5,328,423.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at $5,328,423.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the business's 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 of the company's stock, valued at $16,374,438. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 488,926 shares of company stock valued at $7,552,869. 2.30% of the stock is owned by insiders.

Rivian Automotive Stock Down 4.5 %

Shares of NASDAQ RIVN traded down $0.65 during mid-day trading on Wednesday, reaching $13.83. The company had a trading volume of 28,406,855 shares, compared to its average volume of 41,702,164. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.87. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock has a market capitalization of $13.77 billion, a PE ratio of -2.40 and a beta of 2.09. The stock's 50 day moving average is $14.77 and its 200-day moving average is $12.33.

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Needham & Company LLC decreased their price target on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research report on Monday, July 1st. Guggenheim began coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a "buy" rating and a $18.00 price objective for the company. Wedbush reiterated an "outperform" rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, August 7th. Finally, Piper Sandler reiterated an "overweight" rating and set a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $18.14.

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.