Daiwa Securities Group Inc. Sells 15,817 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Daiwa Securities Group Inc. trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 20.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 60,727 shares of the electric vehicle automaker’s stock after selling 15,817 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Rivian Automotive were worth $815,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Baillie Gifford & Co. boosted its position in shares of Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the period. Norges Bank bought a new position in shares of Rivian Automotive in the fourth quarter worth approximately $129,427,000. Finally, Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Down 1.6 %

RIVN opened at $13.50 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock’s fifty day moving average is $14.85 and its two-hundred day moving average is $12.28. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data 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). 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, analysts predict that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $13,618,074.27. The disclosure for this sale can be found here. Insiders have sold a total of 417,497 shares of company stock valued at $6,732,150 over the last quarter. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RIVN shares. JPMorgan Chase & Co. upped their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 26th. Truist Financial upped their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. The Goldman Sachs Group upped 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. Canaccord Genuity Group upped their target price on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Finally, DA Davidson upped their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.09.

Rivian Automotive Company 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.