Van ECK Associates Corp Sells 135,599 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Van ECK Associates Corp decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 32.3% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 284,046 shares of the electric vehicle automaker's stock after selling 135,599 shares during the period. Van ECK Associates Corp's holdings in Rivian Automotive were worth $3,812,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RIVN. Quent Capital LLC increased its stake in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. bought a new stake in Rivian Automotive during the 4th quarter valued at $33,000. Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the 1st quarter valued at $33,000. Finally, Fairman Group LLC bought a new stake in Rivian Automotive in the 4th quarter worth $36,000. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Stock Up 3.5 %

Shares of NASDAQ RIVN traded up $0.46 during midday trading on Thursday, hitting $13.74. The stock had a trading volume of 20,198,614 shares, compared to its average volume of 41,087,352. The company has a market cap of $13.85 billion, a P/E ratio of -2.38 and a beta of 2.07. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The business's 50 day moving average is $14.96 and its 200-day moving average is $12.26. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.87.

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

Analyst Ratings Changes

RIVN has been the subject of several recent analyst reports. The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Monday, July 1st. Wolfe Research began coverage on Rivian Automotive in a research report on Thursday. They set a "peer perform" rating for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $19.00 price objective on shares of Rivian Automotive in a research report on Tuesday. UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price target on Rivian Automotive from $10.00 to $14.00 and gave the stock an "underweight" rating in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $18.14.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive 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 sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,452,349.59. The disclosure for this sale can be found here. Insiders have sold 488,926 shares of company stock valued at $7,552,869 over the last ninety days. Insiders own 2.30% of the company's stock.

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.