Vanguard Group Inc. Grows Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Key Points

• Vanguard Group Inc. increased its stake in Rivian Automotive by 7.8% during the first quarter, owning approximately 77 million shares valued at nearly $960 million.
• Analysts have mixed reviews for Rivian, with target prices ranging from $9.00 to $16.00 and an average consensus rating of "Hold".
• CEO Robert J. Scaringe sold 107,144 shares of Rivian stock, contributing to a 6.74% decrease in his ownership position.

Vanguard Group Inc. lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,092,693 shares of the electric vehicle automaker's stock after buying an additional 5,610,688 shares during the quarter. Vanguard Group Inc. owned about 6.82% of Rivian Automotive worth $959,804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Capital International Investors purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $144,030,000. Soma Equity Partners LP grew its holdings in shares of Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after buying an additional 1,407,772 shares during the last quarter. Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Rivian Automotive by 2.9% during the first 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 raised its holdings in Rivian Automotive by 26.8% in the 4th quarter. Nuveen Asset Management LLC now owns 2,847,211 shares of the electric vehicle automaker's stock worth $37,868,000 after acquiring an additional 602,210 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. 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. Robert W. Baird lowered their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC decreased their price objective 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. UBS Group cut their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company cut their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $13.69.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction on 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 transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,757 shares of company stock worth $2,995,557. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive Price Performance

Shares of RIVN traded up $0.31 during trading hours on Wednesday, reaching $12.28. 25,055,509 shares of the stock traded hands, compared to its average volume of 33,014,332. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $17.15. The company's 50-day moving average price is $13.28 and its two-hundred day moving average price is $12.96. The company has a market cap of $13.89 billion, a P/E ratio of -3.80 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) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.46) earnings per share. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.