Vontobel Holding Ltd. Grows Stake in Rivian Automotive, Inc. $RIVN

Key Points

• Vontobel Holding Ltd. increased its stake in Rivian Automotive by 185.1% in the second quarter, now owning 450,318 shares valued at approximately $6.19 million.
• Multiple institutional investors have made significant changes to their holdings in Rivian, with Banque Transatlantique SA boosting its stake by 13,194.1%.
• Rivian's stock performance reflects a market cap of $15.53 billion and a recent quarterly earnings report showed a revenue of $1.30 billion, although the EPS missed analysts' estimates.

Vontobel Holding Ltd. lifted its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 185.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 450,318 shares of the electric vehicle automaker's stock after buying an additional 292,344 shares during the period. Vontobel Holding Ltd.'s holdings in Rivian Automotive were worth $6,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Banque Transatlantique SA boosted 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 position in shares of Rivian Automotive in the 1st quarter worth $34,000. PFS Partners LLC lifted its position in Rivian Automotive by 50.5% during the second quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker's stock valued at $41,000 after purchasing an additional 1,000 shares in the last quarter. Olde Wealth Management LLC purchased a new position in Rivian Automotive during the first quarter valued at $37,000. Finally, Golden State Wealth Management LLC lifted its position in Rivian Automotive by 107.9% during the first quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker's stock valued at $41,000 after purchasing an additional 1,714 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction dated 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 sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock worth $577,593 over the last ninety days. Insiders own 2.16% of the company's stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $12.80 on Friday. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The business's 50-day simple moving average is $13.50 and its two-hundred day simple moving average is $13.42. The stock has a market cap of $15.53 billion, a PE ratio of -3.96 and a beta of 1.82. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The business 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 revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.46) earnings per share. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Guggenheim downgraded Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Wedbush lowered their target price on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. UBS Group lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Monday, October 6th. Mizuho lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $21.00 target price on shares of Rivian Automotive in a research report on Friday, October 3rd. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $13.90.

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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