Charles Schwab Investment Management Inc. Has $62.88 Million Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Charles Schwab Investment Management Inc. grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 6.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,050,788 shares of the electric vehicle automaker's stock after buying an additional 309,787 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.45% of Rivian Automotive worth $62,882,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after buying an additional 5,610,688 shares in the last quarter. Capital International Investors acquired a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Soma Equity Partners LP raised its position in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after buying an additional 1,407,772 shares in the last quarter. Northern Trust Corp raised its position in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after buying an additional 2,941,928 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Rivian Automotive by 2.9% during the 1st quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker's stock valued at $39,830,000 after purchasing an additional 89,136 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 1.8%

NASDAQ:RIVN opened at $12.06 on Friday. The firm's fifty day moving average is $13.21 and its 200-day moving average is $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 52 week low of $9.50 and a 52 week high of $17.15. The firm has a market cap of $13.64 billion, a P/E ratio of -3.73 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the company posted ($1.46) earnings per share. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,428 shares of the company's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the sale, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.16% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on RIVN. Canaccord Genuity Group decreased their price target on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive 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. Finally, Stifel Nicolaus reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $13.69.

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.

Want to see what other hedge funds are holding RIVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.