Vanguard Group Inc. Has $1.60 Billion Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Vanguard Group Inc. lifted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,313,245 shares of the electric vehicle automaker’s stock after acquiring an additional 4,467,881 shares during the quarter. Vanguard Group Inc. owned approximately 6.99% of Rivian Automotive worth $1,602,629,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIVN. Trust Co. of Vermont grew its holdings in shares of Rivian Automotive by 37.9% during the fourth quarter. Trust Co. of Vermont now owns 6,049 shares of the electric vehicle automaker’s stock worth $142,000 after purchasing an additional 1,664 shares during the last quarter. Royal London Asset Management Ltd. increased its position in Rivian Automotive by 5.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 254,015 shares of the electric vehicle automaker’s stock valued at $5,959,000 after acquiring an additional 12,875 shares during the period. Creekmur Asset Management LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at $51,000. Krane Funds Advisors LLC raised its stake in shares of Rivian Automotive by 1.1% during the fourth quarter. Krane Funds Advisors LLC now owns 219,414 shares of the electric vehicle automaker’s stock valued at $5,147,000 after acquiring an additional 2,367 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in shares of Rivian Automotive by 68.9% during the fourth quarter. V Square Quantitative Management LLC now owns 7,213 shares of the electric vehicle automaker’s stock worth $169,000 after purchasing an additional 2,942 shares during the period. Institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by insiders.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $11.02 on Thursday. The firm’s fifty day moving average price is $10.20 and its two-hundred day moving average price is $13.78. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Research analysts expect that Rivian Automotive, Inc. will post -4.96 EPS for the current year.

Analysts Set New Price Targets

RIVN has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their target price for the company from $15.00 to $21.00 in a report on Friday, March 15th. Cantor Fitzgerald restated an “overweight” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Monday. DA Davidson reduced their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Finally, JPMorgan Chase & Co. downgraded shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

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.