Foster Group Inc. Buys 2,322 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Foster Group Inc. increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 21.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 13,182 shares of the electric vehicle automaker’s stock after acquiring an additional 2,322 shares during the period. Foster Group Inc.’s holdings in Rivian Automotive were worth $177,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in RIVN. International Assets Investment Management LLC grew its position in shares of Rivian Automotive by 1,944.2% in the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock valued at $3,291,000 after purchasing an additional 133,428 shares during the last quarter. Federated Hermes Inc. increased its position in Rivian Automotive by 8.2% in the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after buying an additional 651 shares during the period. Van ECK Associates Corp increased its position in Rivian Automotive by 1.5% in the 4th quarter. Van ECK Associates Corp now owns 236,275 shares of the electric vehicle automaker’s stock worth $5,543,000 after buying an additional 3,597 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 110.2% during the fourth quarter. First Horizon Advisors Inc. now owns 2,787 shares of the electric vehicle automaker’s stock worth $65,000 after buying an additional 1,461 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $81,000. 66.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on RIVN. 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 research report on Friday, July 12th. The Goldman Sachs Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Guggenheim began coverage on Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. DA Davidson boosted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.14.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s 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 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 document filed with the SEC, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was 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 of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Over the last three months, insiders have sold 488,926 shares of company stock worth $7,552,869. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Up 0.3 %

Rivian Automotive stock opened at $14.13 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.87. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The business’s fifty day moving average is $14.92 and its two-hundred day moving average is $12.31.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results 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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, equities analysts forecast that Rivian Automotive, Inc. will post -4.72 EPS for the current 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.