Royal London Asset Management Ltd. raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 19.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 300,076 shares of the electric vehicle automaker's stock after acquiring an additional 49,216 shares during the period. Royal London Asset Management Ltd.'s holdings in Rivian Automotive were worth $4,027,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Assenagon Asset Management S.A. grew its stake in shares of Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock worth $492,000 after buying an additional 604 shares in the last quarter. First Horizon Advisors Inc. grew its stake in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after buying an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC boosted its stake in shares of Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker's stock worth $241,000 after purchasing an additional 718 shares during the period. GAMMA Investing LLC boosted its stake in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock worth $47,000 after purchasing an additional 760 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Rivian Automotive by 18.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker's stock worth $122,000 after purchasing an additional 802 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, CEO Robert J. Scaringe sold 200,000 shares of the company's stock in a transaction 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 sale, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The disclosure for this sale can be found here. Insiders have sold 417,497 shares of company stock valued at $6,732,150 in the last ninety days. Insiders own 2.30% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on RIVN shares. Wedbush reaffirmed an "outperform" rating and set a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wolfe Research started coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a "peer perform" rating for the company. Canaccord Genuity Group lifted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, July 1st. Finally, Barclays lifted their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an "equal weight" rating in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $18.09.
Read Our Latest Analysis on Rivian Automotive
Rivian Automotive Stock Performance
NASDAQ:RIVN traded down $0.22 during trading hours on Friday, hitting $13.50. 23,786,576 shares of the company were exchanged, compared to its average volume of 40,482,414. The stock has a market capitalization of $13.61 billion, a price-to-earnings ratio of -2.34 and a beta of 2.06. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.87. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The company's 50 day moving average price is $14.85 and its 200-day moving average price is $12.28.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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). The company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, research analysts forecast that Rivian Automotive, Inc. will post -4.82 earnings per share for the current year.
About Rivian Automotive
(
Free Report)
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.
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