Bailard Inc. Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Bailard Inc. acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 30,282 shares of the electric vehicle automaker’s stock, valued at approximately $406,000.

Several other large investors also recently modified their holdings of the stock. Assenagon Asset Management S.A. grew its stake in 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 valued at $492,000 after buying an additional 604 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after purchasing an additional 651 shares during the period. First Horizon Advisors Inc. lifted its holdings 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 purchasing an additional 670 shares during the last quarter. Laidlaw Wealth Management LLC boosted its stake in Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after buying an additional 760 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now 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 SEC, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders sold a total of 488,926 shares of company stock worth $7,552,869 in the last quarter. 2.30% of the stock is owned by insiders.

Rivian Automotive Stock Up 2.9 %

Shares of RIVN opened at $14.36 on Tuesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.87. The stock has a market capitalization of $14.29 billion, a price-to-earnings ratio of -2.49 and a beta of 2.09. The stock has a fifty day moving average of $14.64 and a 200-day moving average of $12.34.

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on RIVN. Guggenheim started coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 target price for the company. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, July 1st. DA Davidson lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Finally, Barclays increased their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.14.

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.