Hsbc Holdings PLC Increases Holdings in Rivian Automotive, Inc. $RIVN

Key Points

• HSBC Holdings PLC boosted its Rivian stake by 55.8% in the first quarter, adding over 1.1 million shares and ending with 3.1 million shares valued at about $46.6 million.
• Insider selling continued at Rivian, with CFO Claire McDonough and CEO Robert J. Scaringe both selling shares in pre-arranged Rule 10b5-1 transactions. Company insiders sold 78,630 shares over the last quarter.
• Rivian shares were down 1.2% to $17.24, even after the company’s latest earnings beat estimates with a smaller-than-expected loss and slightly higher-than-expected revenue. Analysts currently have a consensus Hold rating with an average price target of $18.86.

Hsbc Holdings PLC grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 55.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,097,836 shares of the electric vehicle automaker's stock after buying an additional 1,109,171 shares during the quarter. Hsbc Holdings PLC owned 0.25% of Rivian Automotive worth $46,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Danske Bank A S increased its position in Rivian Automotive by 36.8% in the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker's stock worth $12,102,000 after purchasing an additional 165,300 shares during the last quarter. Trek Financial LLC bought a new position in Rivian Automotive during the fourth quarter valued at $6,115,000. Swedbank AB lifted its position in Rivian Automotive by 8.6% during the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker's stock valued at $18,553,000 after purchasing an additional 74,322 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Rivian Automotive by 34.9% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker's stock worth $5,249,000 after buying an additional 90,200 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Rivian Automotive in the 4th quarter worth $4,895,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,023 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 78,630 shares of company stock worth $1,309,504. Company insiders own 1.48% of the company's stock.

Rivian Automotive Trading Down 1.2%

RIVN stock opened at $17.24 on Tuesday. Rivian Automotive, Inc. has a 12 month low of $11.57 and a 12 month high of $22.69. The firm's 50-day moving average is $16.10 and its 200 day moving average is $16.06. The company has a market capitalization of $23.47 billion, a PE ratio of -5.90 and a beta of 1.60. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.05. The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The firm's quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.48) EPS. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.06 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RIVN. DA Davidson upped their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. UBS Group lifted their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. BNP Paribas Exane boosted their price objective on Rivian Automotive from $22.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Needham & Company LLC restated a "buy" rating and set a $23.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 10th. Finally, Morgan Stanley raised their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company an "underweight" rating in a research note on Tuesday, July 14th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $18.86.

Rivian Automotive Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.