Swedbank AB Has $2.55 Million Position in Rivian Automotive, Inc. $RIVN

Swedbank AB lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 59.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 204,505 shares of the electric vehicle automaker's stock after selling 298,139 shares during the period. Swedbank AB's holdings in Rivian Automotive were worth $2,546,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in RIVN. Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 7.8% during 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 acquiring an additional 5,610,688 shares in the last quarter. Northern Trust Corp boosted its position in shares of Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock valued at $100,195,000 after acquiring an additional 809,064 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Rivian Automotive by 6.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker's stock valued at $62,882,000 after acquiring an additional 309,787 shares in the last quarter. Bank of New York Mellon Corp boosted its position 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 acquiring an additional 89,136 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its position in shares of Rivian Automotive by 26.8% during the 4th quarter. Nuveen Asset Management LLC now owns 2,847,211 shares of the electric vehicle automaker's stock valued at $37,868,000 after acquiring an additional 602,210 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Stock Up 1.0%

Shares of NASDAQ RIVN opened at $13.60 on Tuesday. The firm's 50-day simple moving average is $13.07 and its 200 day simple moving average is $13.04. The company has a market cap of $16.50 billion, a price-to-earnings ratio of -4.21 and a beta of 1.81. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company earned ($1.46) EPS. On average, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on RIVN shares. UBS Group decreased their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Piper Sandler increased their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Wall Street Zen cut shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Morgan Stanley dropped their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Finally, Canaccord Genuity Group dropped their target price on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $13.67.

Insider Activity

In related news, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of the company's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer owned 1,333,655 shares in the company, valued at approximately $18,671,170. This trade represents a 1.29% decrease in their position. The disclosure for this sale can be found here. 2.16% of the stock is owned by corporate insiders.

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.

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