Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Bought by Prudential PLC

Prudential PLC lifted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 380.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,271 shares of the electric vehicle automaker's stock after acquiring an additional 83,379 shares during the period. Prudential PLC's holdings in Rivian Automotive were worth $1,311,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. PFS Partners LLC increased its position in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter worth $34,000. Quarry LP acquired a new stake in shares of Rivian Automotive in the fourth quarter worth $38,000. Olde Wealth Management LLC acquired a new stake in shares of Rivian Automotive in the first quarter worth $37,000. Finally, Golden State Wealth Management LLC grew its holdings in Rivian Automotive by 107.9% during the 1st quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker's stock valued at $41,000 after purchasing an additional 1,714 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Trading Down 1.8%

NASDAQ RIVN opened at $12.06 on Friday. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15. The company has a 50-day simple moving average of $13.21 and a 200-day simple moving average 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. The firm has a market capitalization of $13.64 billion, a PE ratio of -3.73 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) EPS 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 business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the firm posted ($1.46) earnings per share. The company's quarterly revenue was up 12.5% on a year-over-year basis. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. 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. JPMorgan Chase & Co. lowered their price target on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Stifel Nicolaus lowered their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Friday, August 8th. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, Wall Street Zen lowered shares of Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $13.69.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. The trade was a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.16% of the company's stock.

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.

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