Swedbank AB Cuts Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Swedbank AB decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 23.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 476,170 shares of the electric vehicle automaker’s stock after selling 144,348 shares during the quarter. Swedbank AB’s holdings in Rivian Automotive were worth $5,343,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Quent Capital LLC boosted its position in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC grew its stake in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Rivian Automotive during the 2nd quarter worth about $37,000. First Horizon Advisors Inc. raised its position in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares in the last quarter. Finally, Benjamin Edwards Inc. purchased a new position in shares of Rivian Automotive in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RIVN. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Piper Sandler reaffirmed an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a report on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. The Goldman Sachs Group decreased their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Finally, Needham & Company LLC lowered their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $17.18.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.04 on Friday. The business has a 50 day simple moving average of $12.43 and a 200-day simple moving average of $12.25. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. 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 stock has a market capitalization of $10.12 billion, a PE ratio of -1.70 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Equities analysts predict that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,305 shares of company stock valued at $3,369,273. 2.51% of the stock is owned by corporate insiders.

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.