Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 31.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 372,093 shares of the electric vehicle automaker's stock after purchasing an additional 88,047 shares during the quarter. Van ECK Associates Corp's holdings in Rivian Automotive were worth $4,175,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Quent Capital LLC boosted its position in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in 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 valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Rivian Automotive in the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. lifted its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after purchasing an additional 670 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

Shares of RIVN traded up $0.54 during trading hours on Friday, reaching $10.59. 58,725,001 shares of the stock traded hands, compared to its average volume of 38,938,688. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The company has a market cap of $10.68 billion, a P/E ratio of -1.78 and a beta of 2.04. The company's 50-day moving average price is $11.36 and its two-hundred day moving average price is $12.32.

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 (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. On average, analysts anticipate that Rivian Automotive, Inc. will post -4.84 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $12,127,675.68. This trade 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 available at this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Morgan Stanley lowered shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. The Goldman Sachs Group lowered their price target on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. Robert W. Baird reduced their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Friday. Finally, Guggenheim dropped their price target on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average target price of $15.77.

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.