S Bank Fund Management Ltd Buys New Shares in Rivian Automotive, Inc. (NASDAQ:RIVN)

Key Points

• S Bank Fund Management Ltd has acquired a new stake in Rivian Automotive, purchasing 90,232 shares valued at approximately $1,123,000.
• Analysts have adjusted their price targets for Rivian, with UBS Group lowering their target from $13.00 to $12.00 and Canaccord Genuity Group reducing theirs from $23.00 to $21.00.
• Rivian reported a loss of ($0.97) earnings per share for the last quarter, missing analyst estimates by ($0.32), despite a year-over-year revenue increase of 12.5%.

S Bank Fund Management Ltd bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 90,232 shares of the electric vehicle automaker's stock, valued at approximately $1,123,000.

Other hedge funds have also recently made changes to their positions in the company. Larson Financial Group LLC grew its holdings in Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after purchasing an additional 722 shares during the period. Brown Advisory Inc. raised its stake in shares of Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after acquiring an additional 772 shares during the period. First National Trust Co grew its position in Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after acquiring an additional 800 shares in the last quarter. Dimension Capital Management LLC increased its holdings in Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares during the period. Finally, Tradition Wealth Management LLC increased its holdings in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after buying an additional 849 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RIVN has been the subject of a number of research reports. UBS Group reduced their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Robert W. Baird dropped their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Canaccord Genuity Group dropped their price objective on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Wall Street Zen downgraded shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Finally, Piper Sandler raised their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. 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. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $13.73.

Rivian Automotive Trading Up 0.3%

NASDAQ RIVN opened at $11.97 on Wednesday. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The business has a fifty day simple moving average of $13.28 and a 200 day simple moving average of $12.96. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $17.15. The firm has a market capitalization of $13.53 billion, a P/E ratio of -3.71 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The company 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%. The firm's revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company earned ($1.46) earnings per share. On average, analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. The trade was a 6.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,757 shares of company stock worth $2,995,557 over the last 90 days. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive Company 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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