Swedbank AB Takes $6.89 Million Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Swedbank AB acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the first quarter, HoldingsChannel.com reports. The firm acquired 628,945 shares of the electric vehicle automaker’s stock, valued at approximately $6,887,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter worth $26,000. Principal Securities Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at $33,000. Arlington Trust Co LLC purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $35,000. Fairman Group LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $36,000. Finally, Parkside Financial Bank & Trust increased its stake in shares of Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after buying an additional 784 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 3.4 %

NASDAQ:RIVN traded down $0.52 during trading hours on Friday, reaching $14.72. 26,970,034 shares of the company were exchanged, compared to its average volume of 39,724,288. The stock has a 50 day simple moving average of $13.82 and a 200 day simple moving average of $12.61. The firm has a market cap of $14.65 billion, a price-to-earnings ratio of -2.55 and a beta of 2.09. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $27.01. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, analysts predict that Rivian Automotive, Inc. will post -4.68 EPS for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the 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 transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders have sold 485,716 shares of company stock worth $7,509,309 in the last three months. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RIVN. Wells Fargo & Company raised their target price on Rivian Automotive from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Guggenheim initiated coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price on the stock. Piper Sandler reissued an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, Morgan Stanley raised their price target on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.92.

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.