Vanguard Group Inc. Has $1.19 Billion Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Posted by on Mar 13th, 2023

Vanguard Group Inc. increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 46.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 36,236,702 shares of the electric vehicle automaker’s stock after buying an additional 11,483,566 shares during the quarter. Vanguard Group Inc. owned about 3.96% of Rivian Automotive worth $1,192,551,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Salem Investment Counselors Inc. increased its holdings in Rivian Automotive by 1,329.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 585 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Rivian Automotive by 97.8% in the third quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 484 shares in the last quarter. Ronald Blue Trust Inc. bought a new position in shares of Rivian Automotive in the second quarter valued at approximately $50,000. Seeyond bought a new position in shares of Rivian Automotive in the second quarter valued at approximately $27,000. Finally, CNB Bank bought a new position in shares of Rivian Automotive in the second quarter valued at approximately $29,000. 67.97% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 2.5 %

Shares of RIVN stock opened at $14.16 on Monday. The company has a current ratio of 5.42, a quick ratio of 4.86 and a debt-to-equity ratio of 0.09. Rivian Automotive, Inc. has a 52-week low of $14.00 and a 52-week high of $56.76. The business’s fifty day moving average is $17.96 and its 200 day moving average is $26.34.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The electric vehicle automaker reported ($1.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.89) by $0.16. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. The company had revenue of $663.00 million for the quarter, compared to the consensus estimate of $729.47 million. During the same quarter last year, the business posted ($2.43) earnings per share. The firm’s revenue was up 1127.8% compared to the same quarter last year. Equities research analysts forecast that Rivian Automotive, Inc. will post -5.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent analyst reports. Cantor Fitzgerald reduced their target price on Rivian Automotive from $30.00 to $27.00 and set an “overweight” rating for the company in a report on Wednesday, March 1st. Morgan Stanley reduced their target price on Rivian Automotive from $28.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Wells Fargo & Company reduced their target price on Rivian Automotive from $32.00 to $18.00 and set an “equal weight” rating for the company in a report on Friday, February 24th. Truist Financial reduced their price objective on Rivian Automotive from $50.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday, March 1st. Finally, DA Davidson reduced their price objective on Rivian Automotive from $23.00 to $16.00 in a report on Wednesday, March 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $32.62.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 2,090 shares of the stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $18.99, for a total value of $39,689.10. Following the transaction, the chief financial officer now owns 75,804 shares of the company’s stock, valued at $1,439,517.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Claire Mcdonough sold 2,090 shares of the firm’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $18.99, for a total transaction of $39,689.10. Following the transaction, the chief financial officer now directly owns 75,804 shares of the company’s stock, valued at $1,439,517.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jeff Baker sold 2,331 shares of the firm’s stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total value of $44,242.38. Following the transaction, the chief accounting officer now directly owns 87,000 shares in the company, valued at $1,651,260. The disclosure for this sale can be found here. 2.34% of the stock is currently owned by company insiders.

Rivian Automotive Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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