Private Advisor Group LLC Raises Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Private Advisor Group LLC increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 52,147 shares of the electric vehicle automaker’s stock after purchasing an additional 3,904 shares during the period. Private Advisor Group LLC’s holdings in Rivian Automotive were worth $700,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in RIVN. Price T Rowe Associates Inc. MD grew its holdings in Rivian Automotive by 35.7% during the 4th 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 acquiring an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of Rivian Automotive by 714.3% in the 1st 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 stake in shares of Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Norges Bank purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $129,427,000. Finally, Vanguard Group Inc. raised its stake in 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 buying an additional 4,467,881 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a report on Wednesday, June 26th. Morgan Stanley lifted their target price on Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Mizuho boosted their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Wolfe Research assumed coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Stock Down 0.8 %

Rivian Automotive stock opened at $13.10 on Wednesday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The company has a market cap of $13.21 billion, a PE ratio of -2.27 and a beta of 2.06. 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 business’s 50-day simple moving average is $14.80 and its two-hundred day simple moving average is $12.30.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $1.17 billion. Equities analysts anticipate that Rivian Automotive, Inc. will post -4.92 EPS for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold 500,830 shares of company stock valued at $7,872,145 in the last ninety days. Insiders own 2.30% of the company’s stock.

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.