Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Swedbank AB

Swedbank AB reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 23.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 476,170 shares of the electric vehicle automaker's stock after selling 144,348 shares during the quarter. Swedbank AB's holdings in Rivian Automotive were worth $5,343,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in RIVN. Quent Capital LLC lifted its position in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 2,380 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive in the 2nd quarter valued at about $37,000. First Horizon Advisors Inc. grew its stake in Rivian Automotive by 30.7% during 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 during the last quarter. Finally, Benjamin Edwards Inc. acquired a new position in Rivian Automotive during the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.08 on Friday, reaching $10.04. The stock had a trading volume of 18,480,916 shares, compared to its average volume of 39,530,004. The firm has a 50-day moving average of $12.36 and a 200 day moving average of $12.24. The firm has a market capitalization of $9.99 billion, a PE ratio of -1.74 and a beta of 2.03. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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 firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Sell-side analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RIVN. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. DA Davidson upped their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, June 28th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wolfe Research began coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a "peer perform" rating on the stock. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $17.18.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now owns 909,691 shares of the company's stock, valued at $15,482,940.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at $15,482,940.82. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 241,305 shares of company stock worth $3,369,273. 2.30% of the stock is owned by corporate insiders.

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.