Swedbank AB Buys 729,240 Shares of Rivian Automotive, Inc. $RIVN

Key Points

• Swedbank AB significantly increased its stake in Rivian Automotive by 356.6%, owning a total of 933,745 shares valued at approximately $12.83 million at the end of the second quarter.
• Analysts have set varying price targets for Rivian, with Morgan Stanley lowering its target from $13.00 to $12.00, while Needham & Company maintains a "buy" rating with a target of $14.00.
• Rivian reported a quarterly loss of ($0.97) earnings per share, missing analysts' expectations but seeing a 12.5% increase in revenue compared to the same quarter last year, totaling $1.30 billion.

Swedbank AB lifted its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 356.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 933,745 shares of the electric vehicle automaker's stock after acquiring an additional 729,240 shares during the period. Swedbank AB owned 0.08% of Rivian Automotive worth $12,830,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. PFS Partners LLC grew its stake in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,882 shares during the last quarter. Banque Transatlantique SA grew its stake in shares of Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 2,243 shares during the last quarter. WPG Advisers LLC purchased a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $34,000. Olde Wealth Management LLC purchased a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $37,000. Finally, Golden State Wealth Management LLC grew its stake in shares of Rivian Automotive by 107.9% in the 1st quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker's stock worth $41,000 after buying an additional 1,714 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares of the company's stock, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,147 shares of company stock worth $577,593 over the last three months. Insiders own 2.16% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RIVN. Needham & Company LLC restated a "buy" rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. Wedbush cut their price target on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Morgan Stanley cut their price target on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. Mizuho upped their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $13.72.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN traded up $0.14 during midday trading on Tuesday, hitting $15.38. 29,128,564 shares of the stock traded hands, compared to its average volume of 35,773,031. The firm has a 50-day moving average of $13.22 and a two-hundred day moving average of $13.15. The firm has a market capitalization of $18.67 billion, a P/E ratio of -4.75 and a beta of 1.81. 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 one year low of $9.50 and a one year high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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). The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.46) earnings per share. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

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.