2,697,368 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Bought by Nuveen LLC

Nuveen LLC purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,697,368 shares of the electric vehicle automaker's stock, valued at approximately $33,582,000. Nuveen LLC owned 0.24% of Rivian Automotive as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Aigen Investment Management LP raised its holdings in Rivian Automotive by 155.5% during the first quarter. Aigen Investment Management LP now owns 46,574 shares of the electric vehicle automaker's stock valued at $580,000 after acquiring an additional 28,348 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Rivian Automotive by 1,726.5% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker's stock valued at $13,422,000 after acquiring an additional 1,019,038 shares during the period. Townsquare Capital LLC raised its holdings in Rivian Automotive by 25.6% during the first quarter. Townsquare Capital LLC now owns 37,335 shares of the electric vehicle automaker's stock valued at $465,000 after acquiring an additional 7,604 shares during the period. Forsta AP Fonden bought a new stake in Rivian Automotive during the first quarter valued at about $2,027,000. Finally, Swiss National Bank raised its holdings in Rivian Automotive by 1.1% during the first quarter. Swiss National Bank now owns 2,142,200 shares of the electric vehicle automaker's stock valued at $26,670,000 after acquiring an additional 22,600 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $12.24 on Friday. The company has a 50 day moving average price of $13.17 and a 200-day moving average price of $12.95. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The company has a market capitalization of $13.84 billion, a PE ratio of -3.79 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the firm posted ($1.46) EPS. The business's revenue was up 12.5% on a year-over-year basis. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the completion of the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.16% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Morgan Stanley decreased their price target on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Wednesday. Wells Fargo & Company decreased their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Needham & Company LLC cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group restated a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 14th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $13.69.

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.

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