Van ECK Associates Corp lifted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 12.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 208,226 shares of the electric vehicle automaker’s stock after acquiring an additional 22,557 shares during the quarter. Van ECK Associates Corp’s holdings in Rivian Automotive were worth $3,223,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the company. Eaton Vance Management increased its stake in shares of Rivian Automotive by 6.8% during the first quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after acquiring an additional 497 shares during the period. D.A. Davidson & CO. grew its position in Rivian Automotive by 9.1% during the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after buying an additional 515 shares during the period. Nissay Asset Management Corp Japan ADV grew its position in Rivian Automotive by 1.6% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock worth $662,000 after buying an additional 577 shares during the period. Salem Investment Counselors Inc. grew its position in Rivian Automotive by 1,329.5% during the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after buying an additional 585 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in Rivian Automotive by 14.1% during the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,817 shares of the electric vehicle automaker’s stock worth $87,000 after buying an additional 594 shares during the period. 62.04% of the stock is currently owned by institutional investors and hedge funds.
Rivian Automotive Price Performance
RIVN opened at $27.30 on Wednesday. The company has a fifty day simple moving average of $19.07 and a 200 day simple moving average of $16.80. The firm has a market cap of $25.64 billion, a price-to-earnings ratio of -3.85 and a beta of 2.10. Rivian Automotive, Inc. has a twelve month low of $11.68 and a twelve month high of $40.86. The company has a current ratio of 5.88, a quick ratio of 5.08 and a debt-to-equity ratio of 0.21.
Insiders Place Their Bets
In other Rivian Automotive news, CAO Jeff Baker sold 30,798 shares of the firm’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $14.70, for a total transaction of $452,730.60. Following the completion of the transaction, the chief accounting officer now directly owns 106,204 shares of the company’s stock, valued at approximately $1,561,198.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Jeff Baker sold 30,798 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $14.70, for a total value of $452,730.60. Following the transaction, the chief accounting officer now directly owns 106,204 shares in the company, valued at approximately $1,561,198.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 3,625 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $13.71, for a total transaction of $49,698.75. Following the completion of the transaction, the chief financial officer now owns 72,304 shares in the company, valued at $991,287.84. The disclosure for this sale can be found here. Insiders sold a total of 54,423 shares of company stock valued at $793,029 in the last ninety days. Corporate insiders own 2.30% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have weighed in on the stock. DA Davidson upgraded shares of Rivian Automotive from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $11.00 to $18.00 in a research report on Wednesday, July 5th. Needham & Company LLC upped their target price on shares of Rivian Automotive from $28.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Royal Bank of Canada lowered shares of Rivian Automotive from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $28.00 to $14.00 in a research report on Tuesday, April 18th. Barclays increased their price target on shares of Rivian Automotive from $22.00 to $30.00 in a research report on Monday, July 10th. Finally, Truist Financial lowered their price target on shares of Rivian Automotive from $44.00 to $28.00 in a research report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and an average price target of $27.39.
Rivian Automotive Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.
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