Handelsbanken Fonder AB Raises Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Handelsbanken Fonder AB raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 163,700 shares of the electric vehicle automaker’s stock after acquiring an additional 11,600 shares during the quarter. Handelsbanken Fonder AB’s holdings in Rivian Automotive were worth $1,837,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Fairman Group LLC purchased a new position in Rivian Automotive in the fourth quarter worth approximately $36,000. Quent Capital LLC lifted its stake in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the last quarter. Creekmur Asset Management LLC purchased a new position in Rivian Automotive in the fourth quarter worth approximately $51,000. EverSource Wealth Advisors LLC lifted 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 worth $29,000 after acquiring an additional 2,380 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive during the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,305 shares of company stock valued at $3,369,273 in the last ninety days. 2.30% of the stock is currently owned by company insiders.

Rivian Automotive Stock Performance

Shares of RIVN opened at $10.26 on Friday. 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 has a market capitalization of $10.34 billion, a P/E ratio of -1.78 and a beta of 2.03. The company’s fifty day moving average is $12.86 and its two-hundred day moving average is $12.26. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data 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). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on RIVN. Guggenheim began coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective for the company. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Needham & Company LLC reduced 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 report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Finally, Barclays boosted their price objective on shares of 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, eleven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.68.

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.