Rivian Automotive, Inc. (NASDAQ:RIVN) Holdings Boosted by DnB Asset Management AS

Posted by Defense World Staff on Sep 20th, 2023

DnB Asset Management AS boosted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 84.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 87,468 shares of the electric vehicle automaker’s stock after purchasing an additional 40,134 shares during the period. DnB Asset Management AS’s holdings in Rivian Automotive were worth $1,457,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Eaton Vance Management grew its position in Rivian Automotive by 6.8% during the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after purchasing an additional 497 shares in the last quarter. D.A. Davidson & CO. grew its position in Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after purchasing an additional 515 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its position in Rivian Automotive by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock worth $662,000 after purchasing an additional 577 shares in the last quarter. Salem Investment Counselors Inc. boosted its stake in shares of 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 valued at $32,000 after buying an additional 585 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Rivian Automotive by 14.1% during the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,817 shares of the electric vehicle automaker’s stock valued at $87,000 after buying an additional 594 shares during the period. 62.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada lifted their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 9th. Canaccord Genuity Group lifted their target price on shares of Rivian Automotive from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. BNP Paribas raised shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research note on Friday, August 11th. Robert W. Baird lifted their target price on shares of Rivian Automotive from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday, August 9th. Finally, Barclays lifted their target price on shares of Rivian Automotive from $22.00 to $30.00 in a research note on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.95.

Get Our Latest Report on RIVN

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,265 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $24.24, for a total value of $79,143.60. Following the sale, the chief financial officer now owns 173,030 shares of the company’s stock, valued at $4,194,247.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $22.74 on Wednesday. The firm’s 50-day moving average is $23.59 and its 200-day moving average is $17.79. Rivian Automotive, Inc. has a 52-week low of $11.68 and a 52-week high of $38.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.71 and a current ratio of 5.66. The company has a market cap of $21.56 billion, a price-to-earnings ratio of -3.51 and a beta of 2.13.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its quarterly earnings data on Tuesday, August 8th. The electric vehicle automaker reported ($1.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.42) by $0.34. Rivian Automotive had a negative net margin of 200.97% and a negative return on equity of 38.91%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the firm posted ($1.89) EPS. The business’s revenue was up 208.0% compared to the same quarter last year. Equities research analysts anticipate that Rivian Automotive, Inc. will post -5.89 earnings per share for the current year.

About Rivian Automotive

(Free Report)

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.