Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 97,318 shares of the electric vehicle automaker’s stock after selling 1,113 shares during the quarter. Truist Financial Corp’s holdings in Rivian Automotive were worth $1,306,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. grew its stake 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 valued at $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Rivian Automotive by 1,521.2% in the 1st 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 during the last quarter. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Finally, Spirepoint Private Client LLC purchased a new position in shares of Rivian Automotive in the 1st quarter valued at approximately $15,635,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Needham & Company LLC decreased their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company decreased their price target on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Canaccord Genuity Group decreased their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, Truist Financial lifted their price target on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.68.

Insider Activity at Rivian Automotive

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

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.50 on Friday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of -1.82 and a beta of 2.03. The business has a fifty day moving average of $12.77 and a 200-day moving average of $12.28. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. As a group, analysts predict that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

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.