BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 75.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 139,308 shares of the electric vehicle automaker’s stock after purchasing an additional 60,026 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Rivian Automotive were worth $1,870,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Quent Capital LLC raised its stake in shares of Rivian Automotive by 74.3% during 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 last quarter. EverSource Wealth Advisors LLC raised its position in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares in the last quarter. Benjamin Edwards Inc. acquired a new position in Rivian Automotive in the first quarter valued at approximately $33,000. Fairman Group LLC acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $36,000. Finally, International Assets Investment Management LLC purchased a new stake in Rivian Automotive in the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $11.60 on Monday. The business’s 50 day moving average price is $13.91 and its 200 day moving average price is $12.31. The company has a market cap of $11.55 billion, a price-to-earnings ratio of -2.01 and a beta of 2.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. On average, research analysts predict that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Analyst Ratings Changes

RIVN has been the subject of several analyst reports. The Goldman Sachs Group boosted their target price 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. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Piper Sandler restated an “overweight” rating and set a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, August 7th. Finally, Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.91.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction that occurred 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 sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated 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 sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Insiders have sold 512,734 shares of company stock worth $8,038,565 in the last ninety days. 2.30% of the stock is owned by insiders.

Rivian Automotive 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.