Elo Mutual Pension Insurance Co Purchases 25,442 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Elo Mutual Pension Insurance Co boosted its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 112.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,122 shares of the electric vehicle automaker’s stock after purchasing an additional 25,442 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Rivian Automotive were worth $646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Amalgamated Bank boosted its stake in Rivian Automotive by 19.9% during the second quarter. Amalgamated Bank now owns 45,082 shares of the electric vehicle automaker’s stock valued at $605,000 after buying an additional 7,486 shares during the period. Mercer Global Advisors Inc. ADV raised its holdings in shares of Rivian Automotive by 18.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 47,359 shares of the electric vehicle automaker’s stock valued at $636,000 after acquiring an additional 7,508 shares in the last quarter. Axxcess Wealth Management LLC boosted its position in shares of Rivian Automotive by 5.1% during the 2nd quarter. Axxcess Wealth Management LLC now owns 54,011 shares of the electric vehicle automaker’s stock valued at $725,000 after acquiring an additional 2,623 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Rivian Automotive during the second quarter worth about $1,145,000. Finally, Moors & Cabot Inc. increased its position in shares of Rivian Automotive by 30.7% in the second quarter. Moors & Cabot Inc. now owns 17,945 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 4,220 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on RIVN. JPMorgan Chase & Co. lifted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, August 7th. Barclays raised their price target on Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 16th. 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.09.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’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 transaction, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,830 shares of company stock valued at $7,872,145. Company insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Down 11.0 %

RIVN opened at $11.71 on Friday. Rivian Automotive, Inc. has a one year low of $8.26 and a one year 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 has a 50 day simple moving average of $14.48 and a two-hundred day simple moving average of $12.34. The firm has a market capitalization of $11.66 billion, a price-to-earnings ratio of -2.03 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Analysts predict that Rivian Automotive, Inc. will post -4.92 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.