Vontobel Holding Ltd. Raises Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Vontobel Holding Ltd. boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 251.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 157,974 shares of the electric vehicle automaker's stock after purchasing an additional 113,046 shares during the period. Vontobel Holding Ltd.'s holdings in Rivian Automotive were worth $1,967,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital International Investors bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $123,308,000. Northern Trust Corp raised its stake in shares of Rivian Automotive by 68.5% in 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 during the last quarter. Twinbeech Capital LP bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $29,944,000. Finally, Groupama Asset Managment bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $26,600,000. Institutional investors own 66.25% of the company's stock.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction that occurred 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 in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 107,144 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the sale, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,617,442.75. The trade was a 6.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 241,407 shares of company stock valued at $3,553,883 in the last ninety days. Insiders own 2.16% of the company's stock.

Rivian Automotive Trading Up 3.0%

Shares of Rivian Automotive stock traded up $0.38 during trading on Tuesday, reaching $13.13. 28,233,048 shares of the stock were exchanged, compared to its average volume of 33,553,938. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The stock's fifty day moving average is $14.22 and its 200 day moving average is $13.13. The firm has a market cap of $14.85 billion, a price-to-earnings ratio of -3.53 and a beta of 1.81. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same period in the prior year, the firm earned ($1.48) earnings per share. Rivian Automotive's revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on the company. Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 7th. UBS Group boosted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Robert W. Baird dropped their target price 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. Needham & Company LLC dropped their target price on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Wedbush dropped their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $14.38.

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.